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Waters Corporation Updates Earnings Guidance for First Quarter 2001

MILFORD, Mass.--(BUSINESS WIRE)--March 22, 2001--Waters Corporation (NYSE:WAT) updated its earnings and related guidance for the first quarter of 2001 today in light of recent dramatic volatility in its stock price and the stock market generally. Guidance for the first quarter was last provided on January 30, 2001 and was as follows: expected sales growth before currency effects of between 14% and 16% compared to the first quarter of the prior year, sales growth after currency effects of between 10% and 12% compared to the prior year, and earnings per diluted share of approximately $0.26. For the current quarter to date, the overall complexion of the Company's business remains consistent with January 30, 2001 guidance. Subject to the cautionary statements which follow, the Company's expectations and guidance remain unchanged, with expected sales growth after currency effects of between 10% and 12% and expected earnings per diluted share of approximately $0.26. Earnings per share guidance is subject to normal tolerances of $0.01 to $0.02. Currency translation rates to date have been slightly unfavorable to prior guidance.

Waters Corporation currently plans to release its actual financial results for the first quarter, and hold its conference call to discuss those results, on April 27, 2001. More information regarding this conference call will be published at a later date.

CAUTIONARY STATEMENT

Most statements contained herein are forward looking. All such statements are only predictions and actual results may differ materially. The Company does not obligate or commit itself, by providing the guidance above, to update predictions. Many factors could cause results to differ from these statements, including actual results for the balance of the first quarter, loss of market share through competition, introduction of competing products by other companies, changes in the healthcare market and the pharmaceutical industry, changes in distribution of the Company's products and foreign exchange fluctuations. Many of these factors are discussed in detail in the Company's filings with the Securities and Exchange Commission.

ABOUT WATERS CORPORATION

Waters Corporation holds worldwide leading positions in three complementary analytical technologies--high performance liquid chromatography, mass spectrometry and thermal analysis--which account for $4 billion in annual revenues of the $18 billion analytical instrument industry total.

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CONTACT: Waters Corporation
Brian Mazar
508-482-2193