Agilent 2Q Profit Falls, Misses Revenue Expectations
May 14 2019 - 4:53PM
Dow Jones News
By Patrick Thomas
Agilent Technologies Inc. (A) said its second-quarter profit
fell as disappointing revenue numbers weighed on the company's
bottom line.
The California manufacturer reported net income of $182 million,
or 57 cents a share, down from $205 million, or 63 cents a share, a
year ago.
The company reported adjusted earnings of 71 cents a share.
Analysts polled by FactSet were expecting earnings of 65 cents a
share, or 72 cents a share on an adjusted basis.
Revenue rose 2.7% to $1.24 billion from $1.21 billion a year
earlier. Analysts had expected $1.27 billion of revenue in the
quarter.
The company's chief executive, Mike McMullen, said in prepared
remarks that the company's revenue was below expectations. "Two of
our three business units continued to deliver strong growth while
the third was affected by soft market conditions," Mr. McMullen
said.
Revenue from Agilent's life sciences and applied markets
business was down 1% year over year to $529 million. The company
said demand in the environmental and forensics markets was strong
but was offset by weakness in the pharmaceuticals and food
markets.
Agilent lowered its revenue forecast for the current fiscal year
to between $5.09 billion and $5.13 billion, from between $5.15
billion and $5.19 billion previously. For its current quarter, the
company expects revenue between $1.23 billion and $1.25 billion and
adjusted earnings between 71 cents and 73 cents a share.
Shares of the company fell 9% during after-hours trading.
Write to Patrick Thomas at patrick.thomas@wsj.com
(END) Dow Jones Newswires
May 14, 2019 16:38 ET (20:38 GMT)
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