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Agilent Technologies Reports First-Quarter 2013 Results

Agilent Technologies Inc. (NYSE: A) today reported revenues of $1.68 billion for the first fiscal quarter ended Jan. 31, 2013, 3 percent above one year ago. First-quarter GAAP net income was $179 million, or $0.51 per share. Last year’s first-quarter GAAP net income was $230 million, or $0.65 per share.

During the first quarter, Agilent had intangible amortization of $52 million and acquisition, integration and transformation costs of $13 million. The company also recognized a tax benefit of $27 million. Excluding these items and $5 million of other net charges, Agilent reported first-quarter adjusted net income of $222 million, or $0.63 per share (1).

Agilent CEO Bill Sullivan said, “While we currently face some volatility in our end-markets, we remain excited by our long-term prospects, including opportunities in emerging markets. Agilent will continue to invest in R&D to ensure that we maintain the cutting-edge products and technology leadership that our customers expect from us.”

Electronic Measurement first-quarter revenues declined 7 percent compared with the prior year, primarily due to an anticipated decrease in the communications market. Operating margins were 17 percent.

Chemical Analysis revenues were down 1 percent compared with a year ago, driven by soft environmental markets. Operating margins were 21 percent.

Life Sciences revenues were up 2 percent over a year ago. Pharma saw modest growth, while academic/government markets were flat. Operating margins were 15 percent.

Diagnostics and Genomics grew 145 percent, 4 percent excluding the effects of the Dako acquisition. Operating margins were 13 percent.

Agilent generated $245 million of cash from operations in the quarter. First-quarter ROIC was 14 percent (3).

Second-quarter 2013 revenues are expected to be in the range of $1.74 billion to $1.77 billion. Second-quarter non-GAAP earnings are expected to be in the range of $0.64 to $0.70 per share (2).

For the full fiscal year 2013, Agilent now expects revenue of $6.9 billion to $7.1 billion and non-GAAP earnings of $2.70 to $3.00 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 first-quarter FY2013 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 “Q1 2013 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 Feb. 21. The replay number is +1 888 286-8010; international callers may dial (617) 801-6888. The passcode is 17893997.

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