Agilent Technologies Inc. reported orders of $1.68 billion, down 2 percent over one year ago, for the first fiscal quarter ended Jan. 31, 2014, and revenues of $1.68 billion, flat compared with one year ago. First-quarter GAAP net income was $195 million, or $0.58 per share. Last year's first-quarter GAAP net income was $179 million, or $0.51 per share.
During the first quarter, Agilent had intangible amortization of $51 million, integration and transformation costs of $10 million, pre-separation costs of $20 million and a tax benefit of $47 million. Excluding these items and $3 million of other net benefits, Agilent reported first-quarter adjusted net income of $226 million, or $0.67 per share(1).
Agilent President and CEO Bill Sullivan said, "Our life sciences, diagnostics and applied market businesses got off to a solid start in the quarter. Electronic measurement, however, faced challenges in the aerospace/defense market. Our plans to separate into two companies are on track, and we expect the transaction to be completed in early November 2014."
Electronic Measurement first-quarter revenues were down 7 percent compared with the prior year. Operating margins were 15 percent.
Chemical Analysis revenues were up 6 percent compared with a year ago, driven by food and forensics markets. Operating margins were 23 percent.
Life Sciences and Diagnostics revenues were up 5 percent over a year ago, reflecting strength in pharma and diagnostics/clinical markets. Operating margins were 17 percent.
Agilent generated $194 million of cash from operations in the quarter. First-quarter ROIC was 15 percent(3).
Second-quarter 2014 revenues are expected to be in the range of $1.72 billion to $1.74 billion. Second-quarter non-GAAP earnings are expected to be in the range of $0.71 to $0.73 per share(2).
For the full fiscal year 2014, Agilent expects revenue of $6.90 billion to $7.10 billion and non-GAAP earnings of $2.96 to $3.16 per share(2).
To view an unabridged version of this press release, visit: http://www.agilent.com/about/newsroom/presrel/2014/13feb-gp14006.html
