Agilent Technologies Inc. (NYSE: A)
Shares of Agilent Technologies dropped more than 5% in pre-market trading on Tuesday even after the company posted strong Q2 earnings that matched analyst consensus estimates. The medical device company reported an increase in adjusted earnings per share on Monday after close of markets.
During the quarter, revenue increased by 10% from the year-ago period. Agilent Technologies reaffirmed its full-year guidance, but its outlook for the third quarter was below the Consensus estimate.
A Earnings & Outlook
Agilent Technologies reported adjusted earnings per share of $0.65 in the second quarter compared to the $0.58 it reported in the same period last year. The $0.65 EPS posted by the company finished in line with Wall Street’s expectations of $0.64.
Revenue increased by 10% to $1.21 billion from $1.10 billion in the year-ago period. The $1.21 billion revenue matched analyst revenue expectations for the quarter.
The consensus analyst estimate for the third quarter is an adjusted earnings per share of $0.64 on a revenue of $1.21 billion.
On its part, Agilent expects to post a revenue of between $1.91 billion to $1.21 billion and adjusted earnings per share of between $0.61 to $0.63. For the full year, the company hopes to report a revenue of between $4.85 billion to $4.87 billion.
Agilent Technologies CEO Comments
Agilent Chief Executive Mike McMullen had the following to offer on the performance of the company during the quarter: “Again this quarter, we delivered significant earnings and cash flow growth on strong top-line results, contributing to an excellent first half of 2018. We saw strength in the Pharma and Chemical & Energy markets with 8 percent and 5 percent growth this quarter, respectively.”
“We are successfully executing on our growth strategy. On the innovation front, we are seeing strong momentum in our newly released products and are continuing to introduce highly differentiated solutions to help our customers advance their work. We are also effectively deploying our capital—the recently closed acquisitions of Genohm and Lasergen, Inc. will add new strategic capabilities to drive future growth and create value for our customers and our shareholders,” McMullen added.
Agilent Technologies Inc. company profile
Agilent Technologies Inc. offers application focused solutions such as software, services, instruments and consumables for the entire laboratory workflow. It operates through three segments namely; Agilent CrossLab business, Diagnostics and Genomics business as well as Life Sciences and applied market business.
The Agilent CrossLab Business segment provides consumables and solutions such as supplies, chemistries, services and software that help connect the entire lab. The Diagnostics and Genomics business segment comprises the reagent partnership, genomics and the nucleic acid solutions businesses, companion diagnostics and pathology.
The Life Sciences and applied markets business segment offers application-focused solutions comprising of instruments, consumables, software and services that assist clients to recognize quantify and examine the biological and physical properties of products and substances.
Agilent Technologies was incorporated in 1999 and is based in Santa Clara, California. The company has a market capitalization of $22.4 billion and faces competition from Abbott, Applied Materials Inc., Beckman Coulter Inc. and Illumina Inc. –Vault