Agilent profit beats Street; shares up
By Gina Keating
LOS ANGELES (Reuters) - Agilent Technologies Inc (A.N: Quote, Profile, Research), a maker of electronics testing gear, posted a higher quarterly profit that beat Wall Street forecasts on Wednesday, led by stronger sales in the Asia Pacific region and double-digit growth in its Bio-Analytical Measurement business.
Shares of Agilent rose more than 5 percent in after-hours trade after the company reported its second-quarter results.
Second quarter net income rose to $173 million, or 47 cents per share, from $123 million, or 30 cents per share, in last year's second quarter. Net revenue rose 10 percent to $1.46 billion, from $1.32 billion a year earlier.
Excluding share-based compensation expenses and $5 million of other net income, Agilent reported adjusted income of 51 cents per share, compared with 43 cents per share a year earlier.
Excluding restructuring and asset impairments, intangible amortization, business disposal, gain from liquidation of a subsidiary, debt issuance and in process research and development, Agilent reported earnings of 46 cents per share.
On that basis, analysts were expecting earnings of 43 cents per share, as well as net revenue of $1.43 billion, according to Reuters Estimates.
The company beat its own forecast, made in February, for second-quarter adjusted net income of 46 to 50 cents per share on revenue of $1.4 billion to $1.45 billion.
The company kept a "cautious but unchanged" outlook for third quarter revenues in the range of $1.44 billion to $1.49 billion, up 5 percent to 9 percent from last year, Agilent Chief Executive Bill Sullivan said in a statement. Continued...
© Thomson Reuters 2008. All rights reserved. | Learn more about Thomson Reuters
