Agilent Tops Estimates, Offers Upbeat Guidance

Digital instruments maker forecasts fiscal 2021 revenue growth of 5% to 7%.
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Agilent Technologies, Inc.  (A) - Get Report posted better-than-expected fiscal fourth-quarter earnings and offered upbeat guidance after the bell Monday.

The company reported non-GAAP net income of $305 million and earnings per share of 98 cents on revenue of $1.48 billion.

It had been expected to report net income of $289.1 million, or 93 cents a share, on sales of $1.4 billion, based on a FactSet survey of 15 analysts.

In the same period a year ago the company posted earnings of 88 cents a share on sales of $1.4 billion. It reported net income of $191 million.

"We delivered excellent fourth-quarter results that are a testament to the Agilent team and our single-minded focus on our customers," said Mike McMullen, Agilent president and CEO, in a statement. "We enter fiscal 2021 with solid momentum. While there is still some uncertainty looking forward, we are well-positioned to pursue our successful growth strategy well into the future."

For the fiscal first quarter Agilent projected revenue of $1.42 billion to $1.43 billion and non-GAAP earnings of 85 cents to 88 cents per share.

In the upcoming quarter analysts are forecasting sales of $1.4 billion and earnings of 88 cents a share, based on a FactSet survey.

The company forecast full fiscal year 2021 revenue in the range of $5.6 billion to $5.7 billion and non-GAAP earnings of $3.57 to $3.67 per share.

Shares of Agilent traded lower in after-hours action. The stock fell $2.92, or 2.6%, to $109.30 in after-hours trading. It had gained 1.2% during the regular session on a generally up day for Wall Street.