Analysts were expecting Waters Corp. (WAT) [Chart - News - Analysis] to report earnings of $0.77 for last quarter, but WAT beat expectations with actual earnings of $0.81---4 cents above the consensus estimate.

If you compare last quarter's earnings to the $0.79 the company made per share during the same quarter a year ago, you can see that WAT’s earnings are up this year.

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Also, if you compare WAT's 12.97% projected earnings-per-share (EPS) growth rate for the next five years with the projected EPS growth rate of 13.16% for the Scientific & Technical Instruments industry as a whole during that same time frame, you can see that analysts expect WAT to underperform the industry in the future---which is a bad sign for the stock.

Drilling down a little deeper into the Scientific & Technical Instruments industry, you can see how analysts believe WAT will stack up against some of the other stocks in the industry, like Millipore Corp. (MIL) [Chart - News - Analysis] and Inverness Medical Innovations Inc. (IMA) [Chart - News - Analysis], in the future. Analysts believe MIL's earnings are going to grow at a rate of 12.42% while IMA's earnings are going to grow at a rate of 18.90%.

Earnings season can be a volatile time in the stock market. Check out these videos and articles to be better prepared to take advantage of the large price moves that tend to accompany earnings announcements.

- Earnings Season is Here - Find Out How to Trade It

- Using Options to Trade Earnings

- Understanding Stock Analyst Research and Recommendations

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