By Dow Jones Business News,
May 14, 2014, 04:54:00 PM EDT
By Tess Stynes
Agilent Technologies Inc. ( A ) said its fiscal second-quarter earnings fell 9.6% as the testing-equipment company's
results were hit by expenses related to the planned spinoff of its electronic-measurement business and other costs.
Shares fell 2.3% to $54.25 in after-hours trading, as the company forecast fiscal third-quarter earnings below
For the current fiscal quarter, Agilent projected adjusted per-share earnings of 72 cents to 74 cents on revenue of $
1.74 billion to $1.76 billion. Analysts polled by Thomson Reuters expected per-share profit of 79 cents and revenue of $
In September Agilent announced plans to spin off its electronic-measurement business as a separate publicly traded
company, which will be called Keysight Technologies Inc.Agilent expects to complete the spinoff in early November.
Agilent was spun off itself, from Hewlett-Packard Co. (HPQ), in 1999.
The electronic-measurement business has been hurt by weak demand in recent quarters. In the latest quarter the
segment's revenue fell 2%.
The remaining businesses--focused on life sciences and diagnostic equipment--will retain the Agilent name. In the
fiscal second quarter, the chemical analysis segment revenue rose 3% while life sciences and diagnostics revenue
For the period ended April 30, Agilent reported a profit of $150 million, or 45 cents a share a share, down from $166
million, or 48 cents, a year earlier. Excluding spinoff-related expenses and other items, adjusted earnings fell to 72
cents from 77 cents. Revenue edged down 0.1% to $1.73 billion.
The company in February had projected adjusted per-share earnings of 71 cents to 73 cents on revenue of $1.72 billion
to $1.74 billion, below analysts' estimates at the time.
Orders rose 7.3% to $1.81 billion from a year earlier.
Agilent also affirmed its fiscal-year outlook.
Write to Tess Stynes at firstname.lastname@example.org
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