Agilent Reports First-Quarter Fiscal Year 2024 Financial Results

Original from: Agilent

Highlights

·    Revenue of $1.66 billion, down 5.6% reported and 6.4% core from the first quarter of 2023.

·    GAAP net income of $348 million; earnings per share (EPS) of $1.18, down 1% from the first quarter of 2023.

·    Non-GAAP net income of $380 million; EPS of $1.29, down 6% from the first quarter of 2023.

·    Full-year revenue outlook maintained at $6.710 billion to $6.810 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 earnings guidance also maintained at a range of $5.44 to $5.55 per share.

·    Second-quarter revenue outlook expected at $1.560 billion to $1.590 billion with non-GAAP(3) EPS of $1.17 to $1.20.  

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Agilent Technologies Inc. (NYSE: A) today reported revenue of $1.66 billion for the first quarter ended Jan. 31, 2024, a decline of 5.6% reported and 6.4% core(1) compared to the first quarter of 2023.

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First-quarter GAAP net income was $348 million, or $1.18 per share. This compares with $352 million, or $1.19 per share, in the first quarter of fiscal year 2023. Non-GAAP(2) net income was $380 million, or $1.29 per share during the quarter, compared with $406 million or $1.37 per share during the first quarter a year ago.

“The Agilent team continued its strong execution in the first quarter, delivering better-than-expected revenue and earnings,” said President and CEO Mike McMullen. “We are well positioned for long-term growth driven by our diversified business and multiple growth drivers. While near term market challenges remain, I continue to be optimistic about our future.”

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 first-quarter revenue of $846 million, a decline of 10% reported and 11% core(1) year-over-year. LSAG’s operating margin for the quarter was 27.9%.

Agilent CrossLab Group

The Agilent CrossLab Group (ACG) reported first-quarter revenue of $405 million, an increase of 6% reported and 5% core(1) year-over-year. ACG’s operating margin for the quarter was 30.2%.

Diagnostics and Genomics Group

The Diagnostics and Genomics Group (DGG) reported first-quarter revenue of $407 million, a decrease of 6% reported and 6% core(1) year-over-year. DGG’s operating margin for the quarter was 17.3%.

Full Year 2024 and Second-Quarter Outlook

Full-year revenue outlook is maintained at $6.710 billion to $6.810 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 also maintained with a range of $5.44 to $5.55 per share.

The outlook for second-quarter revenue is expected in the range of $1.560 billion to $1.590 billion, a decline of 9.1% to 7.4% reported and a decline of 8.4% to 6.7% core(1). Second-quarter non-GAAP(3) earnings guidance is expected in the range of $1.17 to $1.20 per share. The outlook is based on forecasted currency exchange rates.

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