Agilent Technologies Inc. (NYSE: A) today reported orders of $1.60 billion, down 4 percent compared with one year ago, and revenues of $1.65 billion for the third fiscal quarter ended July 31, 2013, down 4 percent over 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 (1).
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 (2). 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 (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 third-quarter FY2013 financial results on a conference call with investors today at 1:30 p.m. PDT. This event will be webcast live in listen-only mode. Listeners may log on at www.investor.agilent.com and select “Q3 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 4:30 p.m. (Pacific Time) after the call through Aug. 21. The replay number is: (888) 286-8010, or for international, dial (617) 801-6888; enter passcode 87350915.
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