NEW YORK: Agilent Technologies reported after the close of the market on Monday that its fiscal second quarter revenues rose 8 percent. For the three months ended April 30, the firm reported revenues of $1.10 billion, up from $1.02 billion a year earlier, beating the average Wall Street analyst expectation for revenues of $1.05 billion.
Revenues from the life sciences and applied markets group rose 6 percent to $523.0 million from $495.0 million a year earlier with double-digit growth in the chemical and energy, pharma, and environmental markets. Revenues from the diagnostics and genomics group rose 13 percent to $201.0 million from $178.0 million in Q2 2016, led by pharma and diagnostic and clinical end-markets. Revenues from the company’s CrossLab Group rose 9 percent to $378.0 million from $346.0 million year over year, with solid growth in both services and consumables. “The Agilent team delivered another excellent quarter,” Agilent President and CEO Mike McMullen said in a statement. “We continue to deliver on our long-term focus of driving above market growth, expanding operating margins, and deploying capital in a balanced manner. Looking ahead, we are confident in our company’s prospects.”
Agilent’s Q1 net income rose to $164.0 million, or $.50 per share, from $91.0 million, or $.28 per share, a year earlier. On an adjusted basis, the company reported EPS of $.58 per share, solidly beating the average analyst estimate of $.48 per share. The firm’s Q2 R&D costs rose 4 percent to $84.0 million from $81.0 million a year earlier. Its SG&A expenses fell 3 percent to $307.0 million from $318.0 million in Q2 2016. Agilent ended the quarter with cash and cash equivalents of $2.39 billion.
For the third quarter, the company said it expects revenues in the range of $1.06 billion to $1.08 billion, and adjusted earnings of $.49 to $.51 per share. Analysts are expecting Q3 revenues of $1.08 billion and EPS of $.53. Agilent also noted it expects full-year 2017 revenues of $4.36 billion to $4.38 billion and adjusted earnings of $2.15 to $2.21 per share. Analysts are expecting 2017 revenues of $4.35 billion and EPS of $2.16. The company’s shares rose more than 3 percent to $58.00 in after-hours trading on the New York Stock Exchange.
