Agilent Technologies Reports Second-Quarter 2011 Results

Agilent Technologies Inc. (USA) recently reported revenues of $1.68 billion for the second fiscal quarter ended April 30, 2011, 32 percent above one year ago, or 21 percent excluding the effects of acquisitions and divestitures. Second-quarter GAAP net income was $200 million, or $0.56 per share. Last year’s second-quarter GAAP net income was $108 million, or $0.31 per share.

During the second quarter, Agilent had intangible amortisation of $28 million, acquisition and integration costs of $17 million, and restructuring and transformational charges of $9 million. The company also recognized a tax charge of $9 million. Excluding these items and $2 million of other net benefits, Agilent reported second-quarter adjusted net income of $261 million, or $0.74 per share.

Bill Sullivan, Agilent president and CEO, said “We had another quarter of excellent results as the growth momentum continued across all our businesses. Demand for Agilent products remained strong, with all key product platforms experiencing double-digit growth for the fourth consecutive quarter.”

Chemical Analysis revenues were up 60 percent compared with one year ago. Orders were up 22 percent and revenues were up 13 percent on an organic basis. Strong organic growth was led by demand in the petrochemical market.

Sullivan said, “We look forward to a strong second half of fiscal year 2011. The continued strength of Agilent’s portfolio, our presence in the right growth markets, and our sustained customer loyalty are all indicators of continued success moving forward.”

Fiscal third-quarter 2011 revenues are expected to be in the range of $1.64 billion to $1.66 billion. Fiscal third-quarter non-GAAP earnings are expected to be in the range of $0.71 to $0.73 per share.

For the full fiscal year 2011, Agilent is raising its revenue guidance to $6.55 billion to $6.60 billion and its non-GAAP earnings to $2.84 to $2.88 per share