MILFORD, Mass. (AP) _ Waters Corp. (WAT) on Wednesday reported first-quarter net income of $148.1 million.

On a per-share basis, the Milford, Massachusetts-based company said it had profit of $2.37. Earnings, adjusted for one-time gains and costs, came to $2.29 per share.

The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.57 per share.

The maker of products used in drug discovery and development posted revenue of $608.5 million in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $522.2 million.

For the current quarter ending in July, Waters expects its per-share earnings to range from $2.15 to $2.25. Analysts surveyed by Zacks had forecast adjusted earnings per share of $2.05.

The company expects full-year earnings in the range of $9.85 to $10.05 per share.

Waters shares have climbed 21% since the beginning of the year, while the S&P’s 500 index has climbed 11%. The stock has risen 66% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WAT at https://www.zacks.com/ap/WAT