Agilent Reports Third-Quarter Fiscal Year 2023 Financial Results

Original from: business wire

Highlights:

- Reported revenue of $1.67 billion declined 2.7% year-over-year, and decreased 2.3% on a core(1) basis.

- GAAP net income of $111 million with earnings per share (EPS) of $0.38, down 65% from the third quarter of 2022.

- Non-GAAP(2) net income of $422 million with EPS of $1.43, up 7% from the third quarter of 2022.

- Full-year revenue is now expected to be in the range of $6.80 billion to $6.85 billion, representing a decline of 0.7% to flat reported growth, and a core(1) growth range representing an increase of 0.8% to 1.5% year-over-year.

- Fiscal year 2023 non-GAAP(3) EPS is now estimated to be in the range of $5.40 to $5.43.

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Agilent Technologies Inc. (NYSE: A) today reported revenue of $1.67 billion for the third quarter ended July 31, 2023, a decrease of 2.7% compared to the third quarter of 2022 and a decrease of 2.3% on a core(1) basis.

Third-quarter GAAP net income was $111 million, or $0.38 per share. This compares with $329 million, or $1.10 per share, in the third quarter of fiscal year 2022. Non-GAAP(2) net income was $422 million, or $1.43 per share during the quarter, compared with $401 million or $1.34 per share during the third quarter a year ago.

“The Agilent team executed well in challenging macroeconomic market conditions during the quarter, particularly in China,” said Agilent President and CEO Mike McMullen. “Looking forward, we believe the current market environment is transitory, and are confident in our team and the long-term growth prospects of our end markets.”

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Financial Highlights

Life Sciences and Applied Markets Group

Agilent’s Life Sciences and Applied Markets Group (LSAG) reported third-quarter revenue of $927 million, a year-over-year decrease of 9% (down 9% on a core(1) basis). LSAG’s operating margin for the quarter was 29.9%.

Agilent CrossLab Group

The Agilent CrossLab Group (ACG) reported third-quarter revenue of $396 million, a year-over-year increase of 10% (up 11% on a core(1) basis). ACG’s operating margin for the quarter was 32.7%.

Diagnostics and Genomics Group

The Diagnostics and Genomics Group (DGG) reported third-quarter revenue of $349 million, a year-over-year increase of 3% (up 3% on a core(1) basis). DGG’s operating margin for the quarter was 24.0%.

Full Year Outlook

Reflecting the softer macroeconomic environment, full-year revenue is now expected to be in the range of $6.80 billion to $6.85 billion, representing a decline of 0.7% to flat reported growth, and a core(1) growth range representing an increase of 0.8% to 1.5% year-over-year. Fiscal year 2023 non-GAAP(3) EPS guidance is now estimated to be in the range of $5.40 to $5.43.

The outlook is based on forecasted currency exchange rates.​

Source: Agilent Reports Third-Quarter Fiscal Year 2023 Financial Results