Agilent Tech Posts Better-than-expected 3Q Results

SANTA CLARA, Calif. (AP) — Testing instrument maker Agilent Technologies Inc. said Monday it slid to a third-quarter loss, reversing year-ago profit, as it booked restructuring and other charges. But adjusted results topped Wall Street expectations, and the company's strong fourth-quarter forecast sent shares up 3 percent in aftermarket trading.

Quarterly losses totaled $19 million, or 6 cents per share, compared with profit of $169 million, or 45 cents per share, a year ago. Excluding one-time items, adjusted income totaled $53 million, or 15 cents per share, topping the 11 cents that analysts surveyed by Thomson Reuters had forecast, on average.

Revenue fell 27 percent to $1.06 billion from $1.44 billion a year ago, but still came in better than the $1.02 billion expected by analysts.

Shares rose 74 cents, or 3.1 percent, to $24.30 in aftermarket trading, having closed earlier down 48 cents, or 2 percent, at $23.56.

"Our restructuring actions to lower Agilent’s revenue breakeven by over half a billion dollars are on track," said Bill Sullivan, Agilent president and CEO, in a statement. "Uncharacteristically for a third quarter, orders of $1.07 billion exceeded revenues, and were off 23 percent from last year. Compared with three months ago, we have more confidence that the quarter just ended will represent the cyclical low point for Agilent."