Scientific instruments maker Agilent Technologies Inc. (A) said Monday after the markets closed that its second quarter profit rose 28% from last year, helped by higher revenue, better cost control and lower provision for taxes.
The company's quarterly earnings per share, excluding items, also came in above analysts' expectations as did its quarterly revenue. At the same time, the company raised its fiscal 2012 adjusted earnings outlook.
Bill Sullivan, Agilent president and CEO, said, "Our second-quarter performance demonstrated our ability to deliver strong results despite a challenging economic climate."
Agilent shares are currently gaining 2.24% in after hours trading after closing the day's regular trading session at $38.90, down 55 cents or 1.39%. the shares trade in a 53.week range of $28.67 to $53.00.
Second quarter revenue from the company's Electronic Measurement segment rose 5% from last year to $876 million, driven by wireless manufacturing.
Life Sciences revenues for the quarter grew 1% year-over-year to $469 million, driven by pharma.
Second quarter revenue from the company's Chemical Analysis segment increased 2% from a year earlier to $388 million, with growth continuing in key end markets, including petrochemical and food.
Total orders increased 8% to $1.84 billion in the second quarter from $1.70 billion in the second quarter of last year, the company said.
Selling, general and administrative expenses for the quarter fell 4% to $452 million. Provision for taxes fell 37% to $38 million in the second quarter from $60 million a year earlier.
For the second quarter ended April 30, 2012, the Santa Clara, California-based company reported net income of $255 million or $0.72 per share, compared to $200 million or $0.56 per share for the year-ago quarter.
Excluding items, adjusted net income for the second quarter was $275 million or $0.78 per share, compared to $261 million or $0.74 per share in the prior year quarter.
On average, 13 analysts polled by Thomson Reuters expected the company to earn $0.73 per share for the second quarter. Analysts' estimates typically exclude special items.
Revenues for the second quarter grew 3% to $1.73 billion from $1.68 billion in the same quarter last year. Thirteen analysts had a consensus revenue estimate of $1.71 billion for the second quarter.
Looking forward to the third quarter, the company forecasts revenue of $1.77 billion to $1.79 billion and adjusted earnings of $0.82 to $0.84 per share. Analysts currently expect the company to earn $0.83 per share on revenue of $1.76 billion for the third quarter.
For the fiscal year 2012, the company now forecasts revenue of $6.94 billion to $7.00 billion and adjusted earnings of $3.18 to $3.24 per share.
Previously, the company forecast revenue of $6.92 billion to $7.02 billion and adjusted earnings of $3.13 to $3.23 per share.
Analysts currently expect the company to earn $3.19 per share on revenue of $6.95 billion for the fiscal year 2012.
For comments and feedback: editorial@rttnews.com