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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.
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(END) Dow Jones Newswires
May 14, 2019 16:38 ET (20:38 GMT)
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