UPDATE 3-Agilent reports lower 1st-quarter net profit

(Adds byline, CEO comments; updates share price)

By Gina Keating

LOS ANGELES, Feb 13 (Reuters) - Agilent Technologies Inc (A.N: Quote, Profile, Research), a maker of electronics testing gear, posted a 14 percent lower quarterly net profit on Wednesday on higher costs but hit the high end of its previous forecast.

Agilent Chief Executive Bill Sullivan forecast some slowing, mainly in the U.S. markets, but said the company was "comfortable" with the range of analysts' estimates for fiscal 2008 revenue and adjusted net income per share.

Sullivan said he was cautiously optimistic that Agilent would escape the effects of the U.S. economic downturn.

"Based on our analysis of the segments that we are focusing on, we have not seen a slowdown," Sullivan told Reuters. "Our balanced portfolio, our ability to capture businesses and submarkets that are robust has resulted in a very solid first quarter."

The company saw double-digit sales growth in its Bio-Analytical and Life Sciences in the quarter, while its Electronic Measurement segment rose 8 percent over last year.

Net income was $120 million, or 31 cents per share, for the three months ended Jan. 31, compared with $150 million, or 36 cents per share, in the year-ago quarter.

Excluding stock-based compensation expenses and $10 million in other net adjustments, Agilent reported adjusted income of 42 cents per share, compared with 39 cents per share last year.