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Agilent posts Q3 results

Posted: 18 Aug 2006 ?? ?Print Version ?Bookmark and Share

Keywords:Agilent Technologies? revenues? Q3 results?

Agilent Technologies Inc. reported orders of $1.42 billion for the third fiscal quarter ended July 31, which is 10 percent above one year ago, and revenues of $1.45 billion, 17 percent above last year. Third quarter GAAP income from continuing operations was $233 million, or 55 cents per diluted share, compared with $54 million, or 10 cents per share, in last year's Q3.

According to the company, Included in GAAP results are $86 million of charges related principally to the spin-off of Verigy Ltd and the reduction of Agilent's infrastructure costs. On a comparable basis, the company earned $95 million, or 19 cents per share, one year ago.

"Agilent performed well in the third quarter of 2006," said Bill Sullivan, president and CEO of Agilent. "Revenues were above expectations because of 10 percent year-to-year growth in the continuing operations of Agilent and the sustained strength of Verigy. Adjusted earnings per share were four cents above the high end of our guidance, and more than double last year's results, because of higher-than-expected revenues and great operating discipline across the businesses."

Sullivan noted that gross margins reached record levels during the quarter, and that the company's 27 percent Return on Invested Capital also represented a new high. "During the quarter, we also brought Verigy to market via an initial public offering, and preparations for a fiscal year-end spin-off of Verigy are on schedule."

Looking ahead, Agilent (including Verigy) expects Q4 revenues of $1.48 billion to $1.53 billion, up 5 to 9 percent from last year. Adjusted net income is expected to be in the range of 50 cents to 55 cents per share, nearly double last year's comparable earnings.

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