Agilent Reports Fourth-Quarter Fiscal Year 2023 Financial Results

Original from: business wire

Fourth-quarter fiscal year 2023

-    Revenue of $1.69 billion, down 8.7% reported and 9.7% core(1) from the fourth quarter of 2022.

-    GAAP net income of $475 million; earnings per share (EPS) of $1.62, up 32% from the fourth quarter of 2022.

-    Non-GAAP(2) net income of $404 million; EPS of $1.38, down 10% from the fourth quarter of 2022.

Full fiscal year 2023

-    Revenue of $6.83 billion, flat on a reported basis and up 1.5% core(1) year-over-year.

-    GAAP net income of $1.240 billion; EPS off $4.19, flat year-over-year.

-    Non-GAAP(2) net income of $1.609 billion; EPS of $5.44, up 4% year-over-year.

Fiscal year 2024 and first-quarter outlook

-    Fiscal year 2024 revenue is expected in the range of $6.71 billion to $6.81 billion, representing a range of down 1.8% to 0.3% on a reported basis and down 0.5% to up 1% core(1). Fiscal year 2024 non-GAAP(3) earnings guidance is expected in the range of $5.44 to $5.55 per share.

-    Fiscal first-quarter revenue guidance is expected in the range of $1.555 billion to $1.605 billion, a decline of 11.4% to 8.6% reported and a decline of 11.3% to 8.5% core(1). Fiscal first-quarter non-GAAP(3) earnings guidance is expected in the range of $1.20 to $1.23 per share.

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Agilent Technologies Inc. (NYSE: A) today reported revenue of $1.69 billion for the fourth quarter ended Oct. 31, 2023, a decline of 8.7% reported and 9.7% core(1) compared to the fourth quarter of 2022.

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Fourth-quarter GAAP net income was $475 million, or $1.62 per share. This compares with $368 million, or $1.23 per share, in the fourth quarter of fiscal year 2022. Non-GAAP(2) net income was $404 million, or $1.38 per share during the quarter, compared with $456 million or $1.53 per share during the fourth quarter a year ago.

“The Agilent team continued its strong execution in Q4 and delivered leveraged earnings in 2023 during a challenging year for the industry,” said President and CEO Mike McMullen. “As we look ahead to 2024, we anticipate a slow but steady recovery. We have high confidence in the markets in which we have invested, the strength and resilience of our team, and the benefits of our build and buy growth strategy. Agilent is well-positioned for long-term growth.”

Financial Highlights

Life Sciences and Applied Markets Group

Agilent’s Life Sciences and Applied Markets Group (LSAG) reported fourth-quarter revenue of $928 million, a decline of 17% reported and 18% core(1) year-over-year. LSAG’s operating margin for the quarter was 28.1%. Full-year revenue of $3.86 billion declined 4% reported and 2% core(1) over last year. LSAG’s operating margin for the year was 28.9%.

Agilent CrossLab Group

The Agilent CrossLab Group (ACG) reported fourth-quarter revenue of $404 million, an increase of 6% reported and 4% core(1)year-over-year. ACG’s operating margin for the quarter was 31.7%. Full-year revenue of $1.57 billion grew 8% reported and 10% core(1) over last year. ACG’s operating margin for the year was 29.5%.

Diagnostics and Genomics Group

The Diagnostics and Genomics Group (DGG) reported fourth-quarter revenue of $356 million, an increase of 1% reported and flat on a core(1) basis year-over-year. DGG’s operating margin for the quarter was 22.5%. Full-year revenue of $1.41 billion increased 1% reported and 3% core(1) year over year. DGG’s operating margin for the year was 21.0%.

Full Year 2024 and First-Quarter Outlook

Full-year revenue is expected to be in the range of $6.71 billion to $6.81 billion, a decline of 1.8% to 0.3% on a reported basis and down 0.5% to up 1% core(1). Full-year non-GAAP(3) EPS is expected to be in the range of $5.44 to $5.55 per share.

The outlook for first-quarter revenue is expected to be in the range of $1.555 billion to $1.605 billion, a decline of 11.4% to 8.6% reported and a decline of 11.3% to 8.5% core(1). First-quarter non-GAAP(3) earnings guidance is expected to be in the range of $1.20 to $1.23 per share.

The outlook is based on forecasted currency exchange rates.

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