Agilent Technologies Inc. (A) Wednesday said its first-quarter profit improved from a year ago, as revenues grew across all three of its business segments. Orders for the quarter remained flat year-over-year due mainly to weaker communications demand.
Agilent's earnings for the quarter were in line with analysts' estimates, but revenues fell shy of expectations.
The scientific-testing equipment maker detailed a weak financial outlook for the second quarter, and also narrowed its full-year 2012 forecast. Chief Executive Bill Sullivan said "As we manage through a soft first half of the year, well positioned to capitalize on what we believe will be a stronger second half."
Following the news, Agilent Technologies stock dropped about 5 percent in after hours trade.
Order remained flat year-over-year at $1.62 billion. Order represents firm purchase commitments from customers for products and services that will be delivered within six months. Orders remained flat as electronic measurement business orders dropped 5 percent amid weaker communications demand. This has offset increases at life sciences and chemical analysis segments.
Revenue from Agilent's electronics measurement business, the biggest contributor to sales, rose 1 percent on sales growth across the Aerospace/Defense and Industrial markets. Both chemical analysis and life sciences segments' revenues grew 14 percent each.
Agilent's revenues for the first quarter grew 8 percent to $1.64 billion from $1.52 billion a year ago. Analysts had a consensus revenue estimate of $1.65 billion for the quarter.
The Santa Clara, California-based company's profit for the first quarter improved to $230 million or $0.65 per share from $193 million or $0.54 per share in year-ago quarter.
Excluding items, earnings rose to $0.69 per share from $0.60 per share last year. On average, 15 analysts polled by Thomson Reuters expected earnings of $0.69 per share for the quarter. Analysts estimates typically exclude one-time items.
Looking forward to second quarter, the company expects adjusted earnings in a range of $0.71 to $0.73 per share and revenues of $1.70 billion to $1.72 billion. Analysts currently estimate earnings of $0.79 per share and revenues of $1.75 billion for the quarter.
Agilent now expects adjusted earnings in a range of $3.13 to $3.23 per share and revenues of $6.92 billion to $7.02 billion for the full year 2012. The company's previous guidance for adjusted earnings were $3.00 to $3.35 per share with revenues of $6.85 billion to $7.15 billion. Analysts currently expect earnings of $3.18 per share on revenue of $6.96 billion for the year.
A closed Wednesday's trading on the NYSE at $43.64, down $0.14 or 0.32%. The stock further lost $2.05 or 4.70% in after-hours.
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