Highlights:
Fourth-quarter fiscal year 2020
- Revenue of $1.48 billion represents 8% reported growth; and up
6% on a core(1) basis with strong growth across all regions and all
three businesses.
- GAAP net income of $222 million with earnings per share (EPS)
of 71 cents, up 15% from the fourth quarter of 2019.
- Non-GAAP(2) net income of $305 million with EPS of 98 cents, up
10% from the fourth quarter of 2019.
Fiscal year 2020
- Fiscal year 2020 revenue of $5.34 billion delivers 3% reported
growth and a 1% increase in core(1) revenue over fiscal year
2019.
- Full-year GAAP net income of $719 million with EPS of $2.30,
down 32% from fiscal year 2019.
- Non-GAAP(2) net income of $1.02 billion with EPS of $3.28, up
5% from fiscal year 2019.
Outlook
- Fiscal year 2021 revenue expected in the range of $5.6 billion
to $5.7 billion, representing reported growth of 5% to 7% and
core(1) growth of 4% to 6%. Fiscal year 2021 non-GAAP(3) earnings
guidance of $3.57 to $3.67 per share.
- Fiscal first-quarter revenue guidance of $1.42 billion to $1.43
billion, representing reported growth of 4.5% to 5.5% and core(1)
revenue growth of 3.5% to 4.5%. Fiscal first-quarter non-GAAP(3)
earnings guidance of 85 cents to 88 cents per share.
Agilent Technologies Inc. (NYSE: A) today reported revenue of
$1.48 billion for the fourth quarter ended Oct. 31, 2020, up 8%
year over year (core(1) growth of 6%).
On a GAAP basis, fourth-quarter net income was $222 million, or
71 cents per share. This compares with $194 million, or 62 cents
per share, in the fourth quarter of fiscal year 2019. Non-GAAP(2)
net income was $305 million, or 98 cents per share, during the
quarter, compared with $277 million or 89 cents per share during
the fourth quarter a year ago.
“We delivered excellent fourth-quarter results that are a
testament to the Agilent team and our single-minded focus on our
customers,” said Mike McMullen, Agilent president and CEO. “We
enter fiscal 2021 with solid momentum. While there is still some
uncertainty looking forward, we are well-positioned to pursue our
successful growth strategy well into the future.”
Financial Highlights
Life Sciences and Applied Markets Group
Fourth-quarter revenue of $671 million from Agilent’s Life
Sciences and Applied Markets Group (LSAG) grew a reported 8% year
over year (an increase of 4% on a core(1) basis). LSAG’s operating
margin for the quarter was 24.8%. Full-year revenue of $2.39
billion increased a reported 4% versus fiscal 2019 (a decline of 2%
on a core(1) basis). LSAG’s operating margin for the year was
22.9%.
Agilent CrossLab Group
Agilent CrossLab Group (ACG) posted fourth-quarter revenue of
$518 million, representing year-over-year reported growth of 9% (up
7% on a core(1) basis). ACG’s operating margin for the quarter was
27.7%. Full-year revenue of $1.90 billion grew a reported 3% over
last year (up 4% on a core(1) basis). ACG’s operating margin for
the year was 27.2%.
Diagnostics and Genomics Group
The Diagnostics and Genomics Group (DGG) generated
fourth-quarter revenue of $294 million, up a reported 9% year over
year (up 7% on a core(1) basis). DGG posted operating margins of
20.3%. Full-year revenue was $1.05 billion, which was up a reported
2% year over year (up 3% on a core(1) basis). DGG’s operating
margin for the year was 18.3%.
Fiscal Year 2021 and First-Quarter Outlook
Fiscal year 2021 revenue is expected to be in the range of $5.6
billion to $5.7 billion, representing reported growth of 5% to 7%
and core(1) growth of 4% to 6%. Non-GAAP(3) earnings-per-share
guidance for fiscal year 2021 is in the range of $3.57 to $3.67 per
share.
The outlook for fiscal first-quarter revenue is expected to be
in a range of $1.42 billion to $1.43 billion, representing reported
growth of 4.5% to 5.5% and core(1) growth of 3.5% to 4.5%. Fiscal
first-quarter non-GAAP(3) earnings guidance is in a range of 85
cents to 88 cents per share
The outlook is based on Oct. 31, 2020 currency exchange
rates.
Conference Call
Agilent’s management will present additional details regarding
the company’s fourth-quarter and fiscal year 2020 financial results
on a conference call with investors today at 1:30 p.m. PST. The
event will be webcast live in listen-only mode. To listen to the
webcast, select the “Q4 2020 Agilent Technologies Inc. Earnings
Conference Call” link in the “News & Events > Events”
portion of the Investor Relations section of the Agilent website.
The webcast will remain on the company site for 90 days.
About Agilent Technologies
Agilent Technologies Inc. (NYSE: A) is a global leader in life
sciences, diagnostics and applied chemical markets delivering
insight and innovation toward improving the quality of life.
Agilent instruments, software, services, solutions and people
provide trusted answers to customers' most challenging questions.
The company generated revenue of $5.34 billion in fiscal 2020 and
employs 16,400 people worldwide. Information about Agilent is
available at www.agilent.com. To receive the latest Agilent news,
subscribe to the Agilent Newsroom. Follow Agilent on LinkedIn,
Twitter and Facebook.
Forward-Looking Statements
This news release contains forward-looking statements as defined
in the Securities Exchange Act of 1934 and is subject to the safe
harbors created therein. The forward-looking statements contained
herein include, but are not limited to, information regarding
Agilent’s revenue and non-GAAP earnings guidance for the first
quarter and full fiscal year 2021, future amortization of
intangibles and Agilent’s growth prospects, business model and
financial results. These forward-looking statements involve risks
and uncertainties that could cause Agilent’s results to differ
materially from management’s current expectations. Such risks and
uncertainties include, but are not limited to, unforeseen changes
in the strength of Agilent’s customers’ businesses; unforeseen
changes in the demand for current and new products, technologies,
and services; unforeseen changes in the currency markets; customer
purchasing decisions and timing, and the risk that Agilent is not
able to realize the savings expected from integration and
restructuring activities. In addition, other risks that Agilent
faces in running its operations include the ability to execute
successfully through business cycles; the ability to meet and
achieve the benefits of its cost-reduction goals and otherwise
successfully adapt its cost structures to continuing changes in
business conditions; ongoing competitive, pricing and gross-margin
pressures; the risk that its cost-cutting initiatives will impair
its ability to develop products and remain competitive and to
operate effectively; the impact of geopolitical uncertainties and
global economic conditions on its operations, its markets and its
ability to conduct business; the ability to improve asset
performance to adapt to changes in demand; the ability of its
supply chain to adapt to changes in demand; the ability to
successfully introduce new products at the right time, price and
mix; the ability of Agilent to successfully integrate recent
acquisitions; the ability of Agilent to successfully comply with
certain complex regulations; the adverse impacts of and risks posed
by the COVID-19 pandemic and other risks detailed in Agilent’s
filings with the Securities and Exchange Commission, including its
quarterly report on Form 10-Q for the quarter ended July 31, 2020.
Forward-looking statements are based on the beliefs and assumptions
of Agilent’s management and on currently available information.
Agilent undertakes no responsibility to publicly update or revise
any forward-looking statement.
(1) Core revenue growth excludes the impact of currency and
acquisitions and divestitures within the past 12 months. Core
revenue is a non-GAAP measure. Reconciliations between GAAP revenue
and core revenue for Q4 FY20 and fiscal 2020 are set forth on pages
6 and 7 of the attached tables along with additional information
regarding the use of this non-GAAP measure.
(2) Non-GAAP net income and non-GAAP earnings per share
primarily exclude the impacts of non-cash asset impairments,
intangibles amortization, transformational initiatives and
acquisition and integration costs. Agilent also excludes any tax
benefits or expenses that are not directly related to ongoing
operations and which are either isolated or are not expected to
occur again with any regularity or predictability. A reconciliation
between non-GAAP net income and GAAP net income is set forth on
page 4 of the attached tables along with additional information
regarding the use of this non-GAAP measure.
(3) Non-GAAP earnings per share as projected for Q1 FY21 and
full fiscal year 2021 excludes primarily the impacts of non-cash
intangibles amortization, transformational initiatives, and
acquisition and integration costs. Agilent also excludes any tax
benefits or expenses that are not directly related to ongoing
operations and which are either isolated or are not expected to
occur again with any regularity or predictability. Most of these
excluded amounts pertain to events that have not yet occurred and
are not currently possible to estimate with a reasonable degree of
accuracy and could differ materially. Therefore, no reconciliation
to GAAP amounts has been provided. Future amortization of
intangibles is expected to be approximately $44 million per
quarter.
AGILENT TECHNOLOGIES, INC. CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS (In millions, except per share
amounts) (Unaudited) PRELIMINARY
Three Months Ended
Years Ended
October 31,
October 31,
2020
2019
2020
2019
Net revenue
$
1,483
$
1,367
$
5,339
$
5,163
Costs and expenses: Cost of products and services
695
630
2,502
2,358
Research and development
102
102
495
404
Selling, general and administrative
387
385
1,496
1,460
Total costs and expenses
1,184
1,117
4,493
4,222
Income from operations
299
250
846
941
Interest income
1
6
8
36
Interest expense
(19
)
(21
)
(78
)
(74
)
Other income (expense), net
2
(4
)
66
16
Income before taxes
283
231
842
919
Provision (benefit) for income taxes
61
37
123
(152
)
Net income
$
222
$
194
$
719
$
1,071
Net income per share: Basic
$
0.72
$
0.63
$
2.33
$
3.41
Diluted
$
0.71
$
0.62
$
2.30
$
3.37
Weighted average shares used in computing net income per
share: Basic
308
309
309
314
Diluted
311
313
312
318
The preliminary income statement is estimated based
on our current information. Page 1
AGILENT TECHNOLOGIES,
INC. CONDENSED CONSOLIDATED BALANCE SHEET (In
millions, except par value and share amounts)
(Unaudited) PRELIMINARY
October 31,
October 31,
2020
2019
ASSETS Current assets: Cash and cash equivalents
$
1,441
$
1,382
Accounts receivable, net
1,038
930
Inventory
720
679
Other current assets
216
198
Total current assets
3,415
3,189
Property, plant and equipment, net
845
850
Goodwill and other intangible assets, net
4,433
4,700
Long-term investments
158
102
Other assets
776
611
Total assets
$
9,627
$
9,452
LIABILITIES AND EQUITY Current liabilities: Accounts
payable
$
354
$
354
Employee compensation and benefits
367
334
Deferred revenue
386
336
Short-term debt
75
616
Other accrued liabilities
285
440
Total current liabilities
1,467
2,080
Long-term debt
2,284
1,791
Retirement and post-retirement benefits
389
360
Other long-term liabilities
614
473
Total liabilities
4,754
4,704
Total Equity: Stockholders' equity: Preferred stock; $0.01
par value; 125 million shares authorized; none issued and
outstanding
—
—
Common stock; $0.01 par value, 2 billion shares authorized; 306
million shares at October 31, 2020 and 309 million shares at
October 31, 2019, issued and outstanding
3
3
Additional paid-in-capital
5,311
5,277
Retained earnings (accumulated deficit)
81
(18
)
Accumulated other comprehensive loss
(522
)
(514
)
Total stockholders' equity
4,873
4,748
Total liabilities and equity
$
9,627
$
9,452
The preliminary balance sheet is estimated based on our
current information. Page 2
AGILENT TECHNOLOGIES,
INC. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(In millions) (Unaudited) PRELIMINARY
Years Ended
October 31,
October 31,
2020
2019
Cash flows from operating activities: Net income
$
719
$
1,071
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization
308
238
Share-based compensation
83
72
Excess and obsolete inventory related charges
28
19
Asset impairment charges
99
—
Unrealized gain on equity securities, net
(28
)
(1
)
Loss on extinguishment of debt
—
9
Other non-cash expense, net
8
7
Changes in assets and liabilities: Accounts receivable, net
(107
)
(106
)
Inventory
(68
)
(36
)
Accounts payable
2
29
Employee compensation and benefits
29
23
Treasury lock agreement payment
—
(6
)
Other assets and liabilities
(152
)
(298
)
Net cash provided by operating activities (a)
921
1,021
Cash flows from investing activities: Investments in
property, plant and equipment
(119
)
(155
)
Proceeds from the sale of property, plant and equipment
1
—
Payment to acquire fair value investments
(20
)
(23
)
Payment in exchange for convertible note
(9
)
(3
)
Payment to acquire intangible assets
—
(1
)
Acquisition of businesses and intangible assets, net of cash
acquired
—
(1,408
)
Net cash used in investing activities
(147
)
(1,590
)
Cash flows from financing activities: Issuance of common
stock under employee stock plans
60
54
Payment of taxes related to net share settlement of equity awards
(37
)
(16
)
Payment of dividends
(222
)
(206
)
Issuance of senior notes
499
497
Debt issuance costs
(4
)
(4
)
Proceeds from revolving credit facility and short-term loan
798
805
Repayment of debt and credit facility
(1,413
)
(702
)
Proceeds from commercial paper
420
—
Repayment of commercial paper
(345
)
—
Repayment of finance lease
(4
)
—
Purchase of non-controlling interest
—
(4
)
Treasury stock repurchases
(469
)
(723
)
Net cash used in financing activities
(717
)
(299
)
Effect of exchange rate movements
2
2
Net increase (decrease) in cash, cash equivalents and
restricted cash
59
(866
)
Cash, cash equivalents and restricted cash at beginning of
period
1,388
2,254
Cash, cash equivalents and restricted cash at end of period
$
1,447
$
1,388
Reconciliation of cash, cash equivalents and
restricted cash to the condensed consolidated balance sheet:
Cash and cash equivalents
$
1,441
$
1,382
Restricted cash, included in other assets
6
6
Total cash, cash equivalents and restricted cash
$
1,447
$
1,388
(a) Cash payments included in operating activities:
Income tax payments (refunds), net
$
361
$
159
Interest payments
$
71
$
80
The preliminary cash flow is estimated based on our current
information. Page 3
AGILENT TECHNOLOGIES, INC.
NON-GAAP NET INCOME AND DILUTED EPS RECONCILIATIONS (In
millions, except per share amounts) (Unaudited)
PRELIMINARY
Three Months Ended
Years Ended
October 31,
October 31,
2020
Diluted EPS
2019
Diluted EPS
2020
Diluted EPS
2019
Diluted EPS
GAAP net income
$
222
$
0.71
$
194
$
0.62
$
719
$
2.30
$
1,071
$
3.37
Non-GAAP adjustments: Asset impairments
—
—
—
—
99
0.32
—
—
Intangible amortization
45
0.14
46
0.15
184
0.59
125
0.39
Transformational initiatives
12
0.04
19
0.06
53
0.17
44
0.14
Business exit and divestitures
2
0.01
—
—
2
0.01
—
—
Acquisition and integration costs
8
0.03
16
0.05
41
0.13
48
0.15
Pension settlement loss
4
0.01
—
—
4
0.01
—
—
Loss on extinguishment of debt
—
—
9
0.03
—
—
9
0.03
NASD site costs
—
—
—
—
—
—
12
0.04
Special compliance costs
—
—
—
—
—
—
2
0.01
Acceleration of share-based compensation expense
1
—
—
—
2
0.01
—
—
Other
2
0.01
12
0.04
(20
)
(0.06
)
29
0.09
Tax benefit on intra-entity asset transfer
—
—
—
—
—
—
(299
)
(0.94
)
Adjustment for taxes (a)
9
0.03
(19
)
(0.06
)
(61
)
(0.20
)
(52
)
(0.17
)
Non-GAAP net income
$
305
$
0.98
$
277
$
0.89
$
1,023
$
3.28
$
989
$
3.11
(a) The adjustment for taxes excludes tax benefits that management
believes are not directly related to on-going operations and which
are either isolated or cannot be expected to occur again with any
regularity or predictability. For the three months and year ended
October 31, 2020, management used a non-GAAP effective tax rate of
14.65% and 15.25%, respectively. For the three months and year
ended October 31, 2019, management used a non-GAAP effective tax
rate of 16.82% and 16.75%, respectively. We provide non-GAAP net
income and non-GAAP net income per share amounts in order to
provide meaningful supplemental information regarding our
operational performance and our prospects for the future. These
supplemental measures exclude, among other things, charges related
to asset impairments, amortization of intangibles, transformational
initiatives, business exit and divestiture costs, acquisition and
integration costs, pension settlement loss, loss on extinguishment
of debt, NASD site costs, special compliance costs, acceleration of
share-based compensation expense and tax benefit on intra-entity
asset transfer.
Asset impairments include assets that have
been written down to their fair value.
Transformational
initiatives include expenses associated with targeted cost
reduction activities such as manufacturing transfers including
costs to move manufacturing due to new tariffs and tariff
remediation actions, small site consolidations, legal entity and
other business reorganizations, insourcing or outsourcing of
activities. Such costs may include move and relocation costs,
one-time termination benefits and other one-time reorganization
costs. Included in this category are also expenses associated with
company programs to transform our product lifecycle management
(PLM) system, human resources and financial systems.
Business
exit and divestiture costs include costs associated with
business divestitures.
Acquisition and integration costs
include all incremental expenses incurred to effect a business
combination. Such acquisition costs may include advisory, legal,
accounting, valuation, and other professional or consulting fees.
Such integration costs may include expenses directly related to
integration of business and facility operations, the transfer of
assets and intellectual property, information technology systems
and infrastructure and other employee-related costs.
Pension
settlement loss relates to the relief of the US Retirement Plan
pension obligation due to increased lump sum payouts over a
specified accounting threshold.
Loss on extinguishment of
debt relates to the net loss recorded on full redemption of
$500 million of outstanding 5.00% senior notes due July 2020,
called on August 16, 2019 and settled on September 17, 2019.
NASD site costs include all the costs related to the
expansion of our manufacturing of nucleic acid active
pharmaceutical ingredients incurred prior to the commencement of
commercial manufacturing.
Special compliance costs include
costs associated with transforming our processes to implement new
regulations such as data privacy regulations, revenue recognition,
lease accounting and certain tax reporting requirements.
Acceleration of share-based compensation expense represents
stock-based compensation expense that was accelerated upon
employees’ involuntary termination from the company.
Other
includes certain legal costs and settlements and unrealized gains
related to our equity securities in addition to other miscellaneous
adjustments.
Tax benefit on intra-entity asset transfer
relates to our operations in Singapore along with our application
of the new accounting rules for income tax consequences of
intra-entity transfer of assets as adopted on November 1, 2018. Our
management uses non-GAAP measures to evaluate the performance of
our core businesses, to estimate future core performance and to
compensate employees. Since management finds this measure to be
useful, we believe that our investors benefit from seeing our
results “through the eyes” of management in addition to seeing our
GAAP results. This information facilitates our management’s
internal comparisons to our historical operating results as well as
to the operating results of our competitors. Our management
recognizes that items such as amortization of intangibles can have
a material impact on our cash flows and/or our net income. Our GAAP
financial statements including our statement of cash flows portray
those effects. Although we believe it is useful for investors to
see core performance free of special items, investors should
understand that the excluded items are actual expenses that may
impact the cash available to us for other uses. To gain a complete
picture of all effects on the company’s profit and loss from any
and all events, management does (and investors should) rely upon
the GAAP income statement. The non-GAAP numbers focus instead upon
the core business of the company, which is only a subset, albeit a
critical one, of the company’s performance. Readers are reminded
that non-GAAP numbers are merely a supplement to, and not a
replacement for, GAAP financial measures. They should be read in
conjunction with the GAAP financial measures. It should be noted as
well that our non-GAAP information may be different from the
non-GAAP information provided by other companies. The preliminary
non-GAAP net income and diluted EPS reconciliation is estimated
based on our current information. Page 4
AGILENT TECHNOLOGIES,
INC. SEGMENT INFORMATION (In millions, except where
noted) (Unaudited) PRELIMINARY
Quarter-over-Quarter Life Sciences and Applied
Markets Group Q4'20 Q4'19 Revenue
$
671
$
622
Gross Margin, %
59.2%
60.7%
Income from Operations
$
166
$
158
Operating margin, %
24.8%
25.3%
Diagnostics and Genomics Group Q4'20
Q4'19 Revenue
$
294
$
269
Gross Margin, %
50.9%
54.0%
Income from Operations
$
60
$
53
Operating margin, %
20.3%
19.7%
Agilent CrossLab Group Q4'20 Q4'19
Revenue
$
518
$
476
Gross Margin, %
51.8%
52.6%
Income from Operations
$
143
$
133
Operating margin, %
27.7%
28.0%
Year-over-Year Life Sciences and Applied
Markets Group FY20 FY19 Revenue
$
2,392
$
2,302
Gross Margin, %
59.2%
61.0%
Income from Operations
$
548
$
542
Operating margin, %
22.9%
23.5%
Diagnostics and Genomics Group FY20
FY19 Revenue
$
1,047
$
1,021
Gross Margin, %
51.9%
54.7%
Income from Operations
$
192
$
185
Operating margin, %
18.3%
18.2%
Agilent CrossLab Group FY20 FY19
Revenue
$
1,900
$
1,840
Gross Margin, %
52.2%
51.8%
Income from Operations
$
516
$
475
Operating margin, %
27.2%
25.8%
Income from operations reflect the results of our reportable
segments under Agilent's management reporting system which are not
necessarily in conformity with GAAP financial measures. Income from
operations of our reporting segments exclude, among other things,
charges related to asset impairments, amortization of intangibles,
transformational initiatives, acquisition and integration costs,
business exit and divestiture costs, NASD site costs, special
compliance costs and acceleration of share-based compensation
expense. Readers are reminded that non-GAAP numbers are
merely a supplement to, and not a replacement for, GAAP financial
measures. They should be read in conjunction with the GAAP
financial measures. It should be noted as well that our non-GAAP
information may be different from the non-GAAP information provided
by other companies. The preliminary segment information is
estimated based on our current information. Page 5
AGILENT TECHNOLOGIES, INC. RECONCILIATIONS OF REVENUE BY
SEGMENT EXCLUDING ACQUISITIONS, DIVESTITURES AND THE IMPACT
OF CURRENCY ADJUSTMENTS (CORE) (in millions)
(Unaudited) PRELIMINARY Year-over-Year
GAAP
Year-over-Year
GAAP Revenue by Segment
Q4'20 Q4'19
% Change
Life Sciences and Applied Markets Group
$
671
$
622
8%
Diagnostics and Genomics Group
294
269
9%
Agilent CrossLab Group
518
476
9%
Agilent
$
1,483
$
1,367
8%
Non-GAAP(excluding Acquisitions
& Divestitures) Year-over-Yearat Constant Currency
(a)
Year-over-Year
Year-over-Year
Percentage Point Impact from
Currency
Current QuarterCurrency Impact (b) Non GAAP Revenue by Segment Q4'20
Q4'19
% Change
% Change
Life Sciences and Applied Markets Group
$
655
$
622
5%
4%
1 ppt
$
9
Diagnostics and Genomics Group
294
269
9%
7%
2 ppts
5
Agilent CrossLab Group
518
476
9%
7%
2 ppts
9
Agilent (Core)
$
1,467
$
1,367
7%
6%
1 ppt
$
23
We compare the year-over-year change in revenue excluding the
effect of recent acquisitions and divestitures and foreign currency
rate fluctuations to assess the performance of our underlying
business. (a) The constant currency year-over-year growth
percentage is calculated by recalculating all periods in the
comparison period at the foreign currency exchange rates used for
accounting during the last month of the current quarter and then
using those revised values to calculate the year-over-year
percentage change. (b) The dollar impact from the current
quarter currency impact is equal to the total year-over-year dollar
change less the constant currency year-over-year change. The
preliminary reconciliation of GAAP revenue adjusted for recent
acquisitions and divestitures and impact of currency is estimated
based on our current information.
Page 6
AGILENT TECHNOLOGIES, INC. RECONCILIATIONS OF REVENUE BY
SEGMENT EXCLUDING ACQUISITIONS, DIVESTITURES AND THE IMPACT
OF CURRENCY ADJUSTMENTS (CORE) (in millions)
(Unaudited) PRELIMINARY Year-over-Year
GAAP
Year-over-Year
GAAP Revenue by Segment
FY20 FY19
% Change
Life Sciences and Applied Markets Group
$
2,392
$
2,302
4%
Diagnostics and Genomics Group
1,047
1,021
2%
Agilent CrossLab Group
1,900
1,840
3%
Agilent
$
5,339
$
5,163
3%
Non-GAAP(excluding Acquisitions & Divestitures)
Year-over-Yearat Constant Currency (a)
Year-over-Year
Year-over-Year
Percentage PointImpact fromCurrency Current YearCurrency
Impact (b) Non GAAP Revenue by
Segment FY20 FY19
% Change
% Change
Life Sciences and Applied Markets Group
$
2,243
$
2,302
(3%)
(2%)
-1 ppt
$
(6)
Diagnostics and Genomics Group
1,047
1,021
2%
3%
-1 ppt
(2)
Agilent CrossLab Group
1,900
1,840
3%
4%
-1 ppt
(10)
Agilent (Core)
$
5,190
$
5,163
1%
1%
—
$
(18)
We compare the year-over-year change in revenue excluding the
effect of recent acquisitions and divestitures and foreign currency
rate fluctuations to assess the performance of our underlying
business. (a) The constant currency year-over-year growth
percentage is calculated by recalculating all periods in the
comparison period at the foreign currency exchange rates used for
accounting during the last month of the current quarter and then
using those revised values to calculate the year-over-year
percentage change. (b) The dollar impact from the current
year currency impact is equal to the total year-over-year dollar
change less the constant currency year-over-year change. The
preliminary reconciliation of GAAP revenue adjusted for recent
acquisitions and divestitures and impact of currency is estimated
based on our current information. Page 7
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version on businesswire.com: https://www.businesswire.com/news/home/20201123006172/en/
INVESTOR CONTACT: Ankur Dhingra +1 408-345-8948
ankur_dhingra@agilent.com
MEDIA CONTACT: Tom Beermann +1 408-553-2914
tom.beermann@agilent.com
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