Waters Corporation reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported net sales of $586,610,000 against $583,870,000 a year ago. Operating income was $181,308,000 against $172,039,000 a year ago. Income from operations before income taxes was $175,238,000 against $164,473,000 a year ago. Net income was $151,054,000 against $151,292,000 a year ago. Net income per share diluted was $1.83 against $1.80 per share a year ago. Adjusted Non-GAAP operating income was $194,113,000 against $193,251,000 a year ago. Adjusted Non-GAAP net income was $161,219,000 against $167,181,000 a year ago. Adjusted Non-GAAP EPS was $1.96 against $1.99 per share a year ago. In the fourth quarter of 2015, free cash flow came in at $136 million after funding $24 million of capital.

For the year, the company reported net sales of $2,042,332,000 against $1,989,344,000 a year ago. Operating income was $567,451,000 against $517,908,000 a year ago. Income from operations before income taxes was $541,919,000 against $490,740,000 a year ago. Net income was $469,053,000 against $431,620,000 a year ago. Net income per share diluted was $5.65 against $5.07 per share a year ago. Adjusted Non-GAAP operating income was $592,823,000 against $561,695,000 a year ago. Adjusted Non-GAAP net income was $489,222,000 against $466,464,000 a year ago. Adjusted Non-GAAP EPS was $5.89 against $5.48 per share a year ago. Full year 2015 free cash flow was $484 million.

For the first quarter of 2016, the company is estimating that sales will grow at a rate of about 3% to 5%. At present rates, currency translation is expected to reduce the first quarter sales growth by between 1 and 2 percentage points. Rolling these factors together, it expects first quarter earnings per diluted share to be in the range of $1.17 to $1.27. Moving below the operating income line, net interest expense is expected to be around $29 million. The company currently expects operating tax rate to be about 14%.

On a non-GAAP basis, full year 2016 earnings per diluted share are projected to be within the range of $6.10 to $6.35.