Agilent Reports Third-Quarter Fiscal Year 2024 Financial Results

Original from: Agilent

Highlights

·    Revenue of $1.58 billion, down 5.6% reported and 4.4% core(1) from the third quarter of 2023.

·    GAAP net income of $282 million; earnings per share (EPS) of $0.97, up 155% from the third quarter of 2023.

·    Non-GAAP(2) net income of $385 million; EPS of $1.32, down 8% from the third quarter of 2023.

·    Full-year revenue outlook revised at $6.450 billion to $6.500 billion. Fiscal year 2024 non-GAAP(3) earnings guidance also revised at a range of $5.21 to $5.25 per share.

·    Fourth-quarter revenue outlook expected at $1.641 billion to $1.691 billion with non-GAAP(3) EPS of $1.38 to $1.42.

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Agilent Technologies Inc. (NYSE: A) today reported revenue of $1.58 billion for the third quarter ended July 31, 2024, a decline of 5.6% reported and 4.4% core(1) compared to the third quarter of 2023.​

Third-quarter GAAP net income was $282 million, or $0.97 per share. This compares with $111 million, or $0.38 per share, in the third quarter of fiscal year 2023. Non-GAAP(2) net income was $385 million, or $1.32 per share during the quarter, compared with $422 million or $1.43 per share during the third quarter a year ago.

"The Agilent team executed well in Q3, delivering revenue and EPS above the top end of our guidance," said Agilent President and CEO Padraig McDonnell. "While market conditions continued to be challenged during the quarter, we saw steady signs of improvement as anticipated. We continue to make investments in our most promising growth opportunities. And we are mobilizing the organization to accelerate value creation through strategic transformation initiatives, which will drive margin expansion and growth—and increase our execution capabilities."

Financial Highlights

In the first quarter of 2024, Agilent implemented certain changes to its segment reporting structure. Prior period segment information has been recast to reflect these changes. These changes have no impact on Agilent's consolidated financial statements.

Life Sciences and Applied Markets Group

Agilent’s Life Sciences and Applied Markets Group (LSAG) reported third-quarter revenue of $782 million, a decline of 8% reported and 7% core(1) year-over-year. LSAG's operating margin for the quarter was 28.4%.

Agilent CrossLab Group

The Agilent CrossLab Group (ACG) reported third-quarter revenue of $411 million, an increase of 4% reported and 5% core(1) year-over-year. ACG’s operating margin for the quarter was 34.0%.

Diagnostics and Genomics Group

The Diagnostics and Genomics Group (DGG) reported third-quarter revenue of $385 million, a decrease of 9% reported and 8% core(1) year-over-year. DGG's operating margin for the quarter was 18.3%.

Full Year 2024 and Fourth-Quarter Outlook

Full-year revenue outlook is revised at $6.450 billion to $6.500 billion, representing a range of down 5.6% to 4.9% reported and down 5.0% to 4.3% core(1). Fiscal year 2024 non-GAAP(3) earnings guidance is revised at a range of $5.21 to $5.25 per share.

The outlook for fourth-quarter revenue is expected in the range of $1.641 billion to $1.691 billion, a decline of 2.8% to an increase of 0.2% reported and a decline of 1.9% to an increase of 1.1% core(1). Fourth-quarter non-GAAP(3) earnings guidance is expected in the range of $1.38 to $1.42 per share.

The outlook is based on forecasted currency exchange rates.​

Source: Agilent Reports Third-Quarter Fiscal Year 2024 Financial Results