Agilent Technologies Reports Second-Quarter 2012 Results

Agilent Technologies Inc. has reported revenues of $1.73 billion for the second fiscal quarter ended April 30, 2012, 3 percent above one year ago.

Second-quarter GAAP net income was $255 million, or $0.72 per share. Last year's second-quarter GAAP net income was $200 million, or $0.56 per share.

During the second quarter, Agilent had intangible amortization of $26 million, transformational charges of $8 million, and acquisition and integration costs of $6 million.

The company also recognized a tax benefit of $11 million. Excluding these items and $9 million of other net benefits, Agilent reported second-quarter adjusted net income of $275 million, or $0.78 per share.

Bill Sullivan, Agilent president and CEO, said, "Our second-quarter performance demonstrated our ability to deliver strong results despite a challenging economic climate."

Electronic Measurement second-quarter revenues were up 5 percent over the prior year. Orders were up 13 percent from the same period last year. Growth was driven by wireless manufacturing.

Chemical Analysis revenues were 2 percent above one year ago. Orders were up 7 percent. Growth continued in key end markets, including petrochemical and food.

Life Sciences revenues grew 1 percent over last year, while orders declined 1 percent year over year. Solid performance in pharma was offset by weakness in academia and government.

Second-quarter ROIC was 26 percent. Agilent generated $353 million of cash from operations in the quarter.

Fiscal third-quarter 2012 revenues are expected to be in the range of $1.77 billion to $1.79 billion. Fiscal third-quarter non-GAAP earnings are expected to be in the range of $0.82 to $0.84 per share.

Agilent expects full fiscal-year 2012 revenue of $6.94 billion - $7.00 billion, and a tightened range of non-GAAP earnings of $3.18 - $3.24 per share.