Quarterly overview:
· Agilent’s first quarter net income was $102 million, or a diluted earnings per share of $0.30, as calculated by US GAAP.
· Agilent's first quarter net income was $139 million, or $0.41 per share, as calculated by non-GAAP.
· Agilent’s first-quarter orders totaled $995 million and the company’s operating income was $1.03 billion;
· Agilent expects revenue for the second quarter of fiscal 2015 to be between $985 million and $1.05 billion; non-GAAP estimates are expected to generate earnings per share for the second quarter of between $0.37 and $0.41;
· Throughout FY15, Agilent expects revenue to be between $4.06 billion and $4.12 billion; earnings per share are expected to be between $1.67 and $1.73, as per US GAAP.
Agilent Technologies Inc. (NYSE: A) today announced its first quarter financial report for the year ended January 31, 2015. The report shows that orders for the first fiscal quarter of fiscal 2015 totaled $995 million, a 2% increase from the same period last year; the company's operating income was $1.03 billion, a 2% increase over the same period last year. After adjusting for the exchange rate, orders and revenues increased by 6%.
According to US GAAP, net income for the first quarter was $102 million, or $0.30 per diluted share. In contrast, according to US GAAP, net income for the same period last year was $121 million, equivalent. Diluted earnings per share were $0.36.
In the first quarter, Agilent's intangible assets were amortized at $43 million, and the company's transformational spending was $12 million, while achieving a tax benefit of $24 million. Excluding the above and other net expenses of $6 million, Agilent reported adjusted net income of $139 million in the first quarter, equivalent to $0.41 per share.
Agilent Technologies CEO Bill Sullivan said: "The first quarter results opened a good start for FY2015. Agilent's core analytics business continues to maintain a competitive edge, driving Agilent's success and offsetting the inverse of exchange rate movements. The challenges that the company and the company face in the diagnosis and genetic business.
Mike McMullen, CEO and Chief Operating Officer of Agilent Technologies, and CEO, said: "Looking ahead, Agilent's new product portfolio will help the company respond to market challenges and drive business growth. In the long run, it will also help the company's new architecture. The model is successful. We have full confidence in this.
Based on Agilent's company restructuring announced in November 2014, starting from the first quarter of FY2015, Agilent's financial report will be based on the statistics and announcements of the three new business groups: Life Sciences and Applications Markets Group (LSAG) , Diagnostic and Gene Group (DGG) and Agilent CrossLab Group (ACG).
In the first quarter, Agilent Life Sciences and Applications Markets Group (LSAG) generated revenue of $547 million, a 2% increase from the same period last year (a 5% year-on-year increase after adjusting for exchange rates). Most of LSAG's product lines and multiple markets have maintained growth. Operating profit margin was 19.6%.
In the first quarter, Agilent's CrossLab Group (ACG) generated revenue of $331 million, a 5% increase from the same period last year (a 10% year-on-year increase after adjusting for exchange rates). Agilent's analytical testing services and consumables business grew steadily with an operating margin of 20.7%.
In the first quarter, Agilent Diagnostics and Genetics (DGG) revenue was $148 million, down 6% from the same period last year (after adjusting for exchange rates, down 1% year-on-year). DGG was offset by market challenges encountered in the field of companion diagnostics, which were resolved at the end of the first quarter. Operating profit margin was 0.5%.
Agilent expects revenue for the second quarter of fiscal 2015 to be between $985 million and $1.05 billion; earnings per share for the second quarter are expected to be between $0.37 and $0.41, non-GAAP.
Throughout FY2015, Agilent's revenue is expected to be between $4.06 billion and $4.12 billion; earnings per share are expected to be between $1.67 and $1.73, as per US GAAP. These projections are based on the exchange rate as of January 31, 2015. Agilent's revenue and profits are negatively affected by exchange rate fluctuations, and the company has taken all necessary steps to mitigate these effects.
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