In its efforts to share more profits with shareholders,
) revealed that its board of directors authorized the repurchase of
up to $750 million of the company's common stock over a period of
three years. Its prior repurchase authorization expired in May
Following the filing on May 15, shares of the company rose 1.4%
to close at $103.01 on Friday. However, the momentum could not be
maintained and the shares closed lower at $102.06 on May 19.
The previous share repurchase program was initiated in May 2012,
when the board of directors authorized the repurchase of shares
worth up to $750 million. In the two-year period, the company
repurchased shares worth $529 million. Per the filing, the board of
directors extended the earlier program to May 15, 2015 to allow the
company to repurchase the remaining balance.
Waters Corporation, a Zacks Rank #3 (Hold) stock, reported
fourth-quarter non-GAAP earnings of $1.70 a share, up 6.9% year
over year from $1.59. The reported earnings also surpassed the
Zacks Consensus Estimate of $1.61 by 5.6%.
Revenues for the quarter also increased a strong 8.4% year on
year to $565.4 million. Revenues also comprehensively surpassed the
Zacks Consensus Estimate of $534 million by almost 5.9%.
Unfavorable currency translation impacted the top line by 2%.
The decision reflects the company's positive outlook for the
future as it continues to see considerable stability in its end
markets and a healthy acceptance of new products. In addition, fair
pricing of products and its cost-control efforts are helping the
company to deliver stable profitability.
Some other favorably ranked companies from the sector include
Mettler-Toledo International Inc.
). All three carry a Zacks Rank #2 (Buy).
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