Agilent Technologies Inc. (NYSE: A) today 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).
Agilent Technologies Inc. (NYSE: A) is the world's premier measurement company and a technology leader in chemical analysis, life sciences, diagnostics, electronics and communications. The company's 20,600 employees serve customers in more than 100 countries. Agilent had revenues of $6.8 billion in fiscal 2013. Information about Agilent is available at www.agilent.com.
On Sept. 19, 2013, Agilent announced plans to separate into two publicly traded companies through a tax-free spinoff of its electronic measurement business. The new company is named Keysight Technologies, Inc. The separation is expected to be completed in early November 2014.
Agilent's management will present more details about its first-quarter FY2014 financial results on a conference call with investors today at 1:30 p.m. PT. This event will be webcast live in listen-only mode. Listeners may log on atwww.investor.agilent.com and select "Q1 2014 Agilent Technologies Inc. Earnings Conference Call" in the "News & Events Calendar of Events" section. The webcast will remain available on the company's website for 90 days.
Additional information regarding financial results can be found at www.investor.agilent.com by selecting "Financial Results" in the "Financial Information" section.
A telephone replay of the conference call will be available at 4:30 p.m. (Pacific Time) after the call through Feb. 20. The replay number is (855) 859-2056, or for international, dial (404) 537-3406; enter passcode 31478615.