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Agilent Results Miss Estimates; Cuts Outlook

Agilent Results Miss Estimates; Cuts Outlook
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Scientific instruments maker Agilent Technologies Inc. (A: Quote) said Thursday after the markets closed that its first quarter profit fell 22% from last year, as higher costs and expenses more than offset a 3% increase in revenue.

The company's quarterly earnings per share, excluding items, also came in below analysts' expectations as did its quarterly revenue.

At the same time, the company forecast second quarter revenue and earnings below analysts' current consensus estimates, and lowered its fiscal year 2013 revenue and earnings outlook.

Agilent shares are currently losing 8.03% in after hours trading after closing the day's regular trading session at $44.58, down 17 cents. The shares trade in a 52.week range of $35.32 to $46.28. 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."

First quarter revenue from the company's Electronic Measurement segment fell 7% from last year to $722 million, hurt mainly by anticipated weakness in the communications market.

Life Sciences revenues for the quarter grew 2% to $401 million from $395 million a year ago, helped by a modest growth in the pharma as academia and government markets were flat.

First quarter revenue from the company's Chemical Analysis segment fell slightly to $394 million from $396 million last year, driven by soft environmental markets. .

Diagnostics and Genomics segment, which includes the Dako acquisition, had fourth quarter revenue of $163 million, up 145% year-over-year.

Total orders in the first quarter were $1.710 billion, up 5% as compared to $1.623 billion in the first quarter of last year, the company said.

For the first quarter ended January 31, 2013, the Santa Clara, California-based company reported net income for the first quarter of $179 million or $0.51 per share, compared to $230 million or $0.65 per share for the year-ago quarter.

Excluding items, adjusted net income for the first quarter was $222 million or $0.63 per share, compared to $244 million or $0.69 per share in the prior year quarter. On average, 15 analysts polled by Thomson Reuters expected the company to earn $0.67 per share for the first quarter. Analysts' estimates typically exclude special items.

Revenues for the first quarter rose 3% to $1.68 billion from $1.64 billion in the same quarter last year. Twelve analysts had a consensus revenue estimate of $1.69 billion for the first quarter. Looking forward to the second quarter, the company forecast revenues of $1.74 billion to $1.77 billion and adjusted earnings of $0.64 to $0.70 per share. Analysts currently expect the company to earn $0.74 per share on revenue of $1.79 billion for the second quarter.

For the full fiscal year 2013, Agilent now expects revenue of $6.9 billion to $7.1 billion and adjusted earnings of $2.70 to $3.00 per share. Previously, the company forecast revenue of $7.0 billion to $7.20 billion and adjusted earnings of $2.80 to $3.10 per share.

Analysts currently expect the company to earn $3.43 per share on revenue of $7.50 billion for the fiscal year 2013.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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