Agilent Profit Falls 9.6%

By Dow Jones Business News, 

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 analysts' expectations.

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 $ 1.75 billion.

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 increased 1%.

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

Access Investor Kit for Agilent Technologies, Inc.


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