Agilent Reports Fourth-Quarter Fiscal Year 2024 Financial Results

Original from: Agilent

Fourth-quarter fiscal year 2024

· Revenue of $1.70 billion, up 0.8% reported and down 0.3% core(1) from the fourth quarter of 2023.

· GAAP net income of $351 million; earnings per share (EPS) of $1.22, down 25% from the fourth quarter of 2023.

· Non-GAAP(2) net income of $418 million; EPS of $1.46, up 6% from the fourth quarter of 2023.

Full fiscal year 2024

· Revenue of $6.51 billion, down 4.7% on a reported basis and down 4.7% core(1) year-over-year.

· GAAP net income of $1.289 billion; EPS of $4.43, up 6% year-over-year.

· Non-GAAP(2) net income of $1.539 billion; EPS of $5.29, down 3% year-over-year.

Fiscal year 2025 and first-quarter outlook 

· Fiscal year revenue is expected in the range of $6.790 billion to $6.870 billion, representing a range of up 4.3% to 5.5% on a reported basis and 2.5% to 3.5% core(1). Non-GAAP(3) earnings are expected in the range of $5.54 to $5.61 per share.

· Fiscal first-quarter revenue guidance is expected in the range of $1.650 billion to $1.680 billion, a decline of 0.5% to an increase of 1.3% reported and a decline of 2.0% to 0.2% core(1). Non-GAAP(3) earnings are expected in the range of $1.25 to $1.28 per share.

Agilent Technologies Inc. (NYSE: A) today reported revenue of $1.70 billion for the fourth quarter ended October 31, 2024, an increase of 0.8% reported and a decline of 0.3% core(1) compared to the fourth quarter of 2023.

Fourth-quarter GAAP net income was $351 million, or $1.22 per share. This compares with $475 million, or $1.62 per share, in the fourth quarter of fiscal year 2023. Non-GAAP(2) net income was $418 million, or $1.46 per share during the quarter, compared with $404 million or $1.38 per share during the fourth quarter a year ago.

"The Agilent team again executed well and delivered solid results in the fourth quarter as the markets continued to recover," said Agilent President and CEO Padraig McDonnell. "Our new market-based, customer-first strategy combined with our transformation – which includes the new organizational structure announced today – will position us to capture even more growth opportunities as the market improves. I look forward to sharing more about these exciting developments during our Analyst and Investor Day in December."

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 fourth-quarter revenue of $833 million, a decline of 1% reported and 1% core(1) year-over-year. LSAG's operating margin for the quarter was 28.0%. Full-year revenue of $3.22 billion declined 8% reported and 8% core(1) over last year. LSAG's operating margin for the year was 27.3%.

Agilent CrossLab Group
The Agilent CrossLab Group (ACG) reported fourth-quarter revenue of $426 million, an increase of 5% reported and 5% core(1) year-over-year. ACG's operating margin for the quarter was 32.6%. Full-year revenue of $1.64 billion increased 5% reported and 5% core(1) over last year. ACG's operating margin for the year was 31.9%.

Diagnostics and Genomics Group
The Diagnostics and Genomics Group (DGG) reported fourth-quarter revenue of $442 million, a decrease of 1% reported and 3% core(1) year-over-year. DGG's operating margin for the quarter was 21.2%. Full-year revenue of $1.65 billion declined 6% reported and 6% core(1) over last year. DGG's operating margin for the year was 19.4%.

Full Year 2025 and First-Quarter Outlook

Full-year revenue outlook is expected in the range of $6.790 billion to $6.870 billion, representing a range of up 4.3% to 5.5% reported and 2.5% to 3.5% core(1). Non-GAAP(3) EPS is expected in the range of $5.54 to $5.61 per share.

The outlook for first-quarter revenue is expected to be in the range of $1.650 billion to $1.680 billion, a decline of 0.5% to an increase of 1.3% reported and a decline of 2.0% to 0.2% core(1). Non-GAAP(3) EPS is expected in the range of $1.25 to $1.28 per share.

The outlook is based on forecasted currency exchange rates.

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