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Agilent Reports Third Fiscal Quarter Results (8/16/12)
Agilent Technologies reported revenues of $1.72 billion for the third fiscal quarter ended July 31, 2012, a gain of 2 percent more than a year ago. Third-quarter GAAP net income was $243 million. Last year’s third-quarter GAAP net income was $330 million.
During the third quarter, Agilent had intangible amortization of $32 million, acquisition and integration costs of $41 million, and asset impairment and write-down charges of $15 million. The company also recognized a tax benefit of $58 million. Excluding these items and $5 million of other net charges, Agilent reported third-quarter adjusted net income of $278 million.
“Agilent’s performance in the fiscal third quarter did not meet our revenue and earnings per share (EPS) guidance. We have clearly entered an environment of much slower growth, resulting in deals taking longer to close and customers delaying their order deliveries,” said Bill Sullivan, Agilent president and CEO. “Despite the global environment, however, we delivered a strong operating margin performance that underscores Agilent’s ability to proactively respond to rapidly changing market conditions.”
Electronic measurement third-quarter revenues were down 1 percent over the prior year. Orders declined 4 percent from the same period last year. Growth in communications was driven by wireless manufacturing and was offset by weaker aerospace and defense and industrial demand.
Agilent generated $240 million of cash from operations in the quarter. Fiscal fourth-quarter revenues are expected to be in the range of $1.76 billion to $1.78 billion.
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