Agilent Technologies Inc. reported orders of $1.91 billion, up 4 percent over one year ago, for the fourth fiscal quarter ended Oct. 31, 2014, and revenues of $1.81 billion, up 5 percent compared with one year ago. Fourth-quarter GAAP net income was $16 million, or $0.05 per share. Last year's fourth-quarter GAAP net income was $211 million, or $0.63 per share.
These results include Keysight Technologies, formerly Agilent's electronic measurement business. Agilent completed the spinoff of Keysight on Nov. 1 by distributing Keysight common stock to Agilent shareholders. Keysight financial results will be reported by Keysight as a separate, publicly traded company.
During the fourth quarter, Agilent had pre-separation costs of $70 million, intangible amortization of $47 million, a net loss on extinguishment of debt of $68 million, mostly non-cash charges of $68 million related to exiting the Nuclear Magnetic Resonance business, and a tax expense of $13 million. Excluding these items and $15 million of other net costs, Agilent reported fourth-quarter adjusted net income of $297 million, or $0.88 per share(1).
Agilent's Life Sciences, Diagnostics and Applied Chemical Markets (LDA) revenues were $1.04 billion, up 3 percent over last year, reflecting growth across all key end markets. Orders of $1.15 billion were up 5 percent compared with last year. LDA operating margin was 20.4 percent.
"Our LDA business finished the year strong, with record revenues and orders," said Agilent CEO Bill Sullivan. "During the quarter, while generating these record numbers, we completed the company separation flawlessly, without business disruption to either company."
"We are excited about Agilent's future as a company focused one hundred percent on the life sciences, diagnostics and applied markets, with innovative new product rollouts planned for this year and market trends looking positive," he added.
In FY15, Agilent plans to return approximately $500 million in capital to shareholders, including approximately $135 million in dividends and approximately $365 million in stock buybacks. The repurchases will occur from time to time, in the open market, with consideration given to Agilent's stock price.
Agilent's first-quarter 2015 revenues are expected to be in the range of $1.02 billion to $1.04 billion. First-quarter non-GAAP earnings are expected to be in the range of $0.39 to $0.43 per share(2).
For the full fiscal year 2015, Agilent expects revenue of $4.12 billion to $4.18 billion and non-GAAP earnings of $1.68 to $1.78 per share(2).
To view an unabridged version of this press release, visit: http://www.agilent.com/about/newsroom/presrel/2014/17nov-gp14032.html
