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Agilent Technologies Reports Fourth-Quarter 2012 Results

Agilent Technologies Inc. (NYSE: A) today reported revenues of $1.77 billion for the fourth fiscal quarter ended Oct. 31, 2012, 2 percent above one year ago. Fourth-quarter GAAP net income was $425 million, or $1.20 per share. Last year’s fourth-quarter GAAP net income was $289 million, or $0.82 per share.

During the fourth quarter, Agilent had intangible amortization of $52 million; acquisition, integration and transformation costs of $40 million; and a donation to the Agilent Technologies Foundation of $10 million. The company also recognized a tax benefit of $227 million. Excluding these items and $3 million of other net charges, Agilent reported fourth-quarter adjusted net income of $303 million, or $0.86 per share (1).

Agilent CEO Bill Sullivan said, “Agilent’s performance in the fiscal fourth quarter met our revenue guidance and exceeded EPS guidance. Despite a very challenging economic environment, the strength of our operating model was evident, with operating margins for the quarter and the year at an all-time high.”

Electronic Measurement fourth-quarter revenues declined 5 percent compared to the prior year. Revenues declined across all key markets with the exception of computer and semiconductor markets. Operating margins were 23 percent.

Chemical Analysis revenues were down 3 percent compared to a year ago. Environmental and chemical markets were down, offset by growth in the food and forensics markets. Operating margins were 25 percent.

Life Sciences revenues were flat with last year. Growth in the pharma and environmental markets was offset by a decline in academia and government markets. Operating margins were 18 percent.

Diagnostics and Genomics, which includes the Dako acquisition, had revenues of $156 million, up 125 percent over last year or 1 percent excluding the effects of the Dako acquisition. Operating margins were 17 percent.

Agilent generated $485 million of cash from operations in the quarter. Fourth-quarter ROIC was 19 percent (3).

Fiscal first-quarter 2013 revenues are expected to be in the range of $1.68 billion to $1.70 billion. Fiscal first-quarter non-GAAP earnings are expected to be in the range of $0.65 to $0.67 per share (2).

For the full fiscal year 2013, Agilent expects revenue of $7.0 billion to $7.20 billion and non-GAAP earnings of $2.80 to $3.10 per share (2).

About Agilent Technologies

Agilent Technologies Inc. (NYSE: A) is the world’s premier measurement company and a technology leader in chemical analysis, life sciences, diagnostics, electronics and communications. The company’s 20,500 employees serve customers in more than 100 countries. Agilent had revenues of $6.9 billion in fiscal 2012. Information about Agilent is available at www.agilent.com.

Agilent’s management will present more details about its fourth-quarter FY2012 financial results on a conference call with investors today at 1:30 p.m. PST. This event will be webcast live in listen-only mode. Listeners may log on at www.investor.agilent.com and select “Q4 2012 Agilent Technologies Inc. Earnings Conference Call” in the “News & Events Calendar of Events” section. The webcast will remain available on the company’s website for 90 days.

Additional information regarding financial results can be found at www.investor.agilent.com by selecting “Financial Results” in the “Financial Information” section.

A telephone replay of the conference call will be available at 3:30 p.m. PST today through Nov. 26. The replay number is +1 888 286-8010; international callers may dial (617) 801-6888. The passcode is 72627474.

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