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Agilent Reports Third-Quarter Results

Published: Thursday, August 15, 2013
Last Updated: Thursday, August 15, 2013
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Revenues were $1.65 billion for the third fiscal quarter ended July 31, 2013, down 4 percent over one year ago.

Agilent reported orders of $1.60 billion, down 4 percent compared with one year ago. Third-quarter GAAP net income was $168 million, or $0.49 per share. Last year's third-quarter GAAP net income was $243 million, or $0.69 per share.

During the third quarter, Agilent had intangible amortization of $48 million and integration and transformation costs of $14 million. Excluding these items and $3 million of other net charges, Agilent reported third-quarter adjusted net income of $233 million, or $0.68 per share.

Agilent CEO Bill Sullivan said, "Although we are operating in a very challenging economic environment, we are pleased with our operational performance, as we continue to make progress improving our manufacturing efficiency and streamlining our expense structure. The result has been better than forecasted operating margins."

Electronic Measurement third-quarter revenues were down 17 percent compared with the prior year, with continuing weakness in wireless manufacturing. Operating margins were 18 percent.

Chemical Analysis revenues were up 1 percent compared with a year ago, led by growth in food and energy markets. Operating margins were 22 percent.

Life Sciences revenues were up 3 percent over a year ago, with strength in pharmaceutical end-markets. Operating margins were 17 percent.

Diagnostics and Genomics revenues grew 54 percent, up 6 percent adjusting for the effects of the Dako acquisition. Operating margins were 15 percent.

Agilent generated $215 million of cash from operations in the quarter. Third-quarter ROIC was 15 percent(3).

Fourth-quarter 2013 revenues are expected to be in the range of $1.7 billion to $1.72 billion. Fourth-quarter non-GAAP earnings are expected to be in the range of $0.75 to $0.77 per share.

For the full fiscal year 2013, Agilent expects revenue of $6.76 billion to $6. 78 billion and non-GAAP earnings of $2.83 to $2.85 per share.


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