Agilent Technologies Q2 orders up 1 percent
Second-quarter revenues were $963 million, down 3 percent (up 4 percent adjusted for currency) compared with one year ago.
Second-quarter GAAP income from continuing operations was $88 million, or $0.26 per share. Last year's second-quarter GAAP income from continuing operations was $40 million, or $0.12 per share.
During the second quarter, Agilent had intangible amortization of $38 million, business exit and divestiture costs of $10 million, transformation costs of $17 million and a tax benefit of $24 million. Excluding these items, Agilent reported second-quarter adjusted income from continuing operations of $129 million, or $0.38 per share.
Second-quarter revenues of $473 million from Agilent's Life Sciences and Applied Markets Group (LSAG) declined 5 percent year over year (up 1 percent adjusted for currency). LSAG saw strong order growth but was unable to convert all of this order strength to revenue in the quarter. LSAG's Q2 operating margin was 15.8 percent.
Q2 revenues of $321 million from the Agilent CrossLab Group (ACG) declined 1 percent year over year (up 7 percent adjusted for currency). Growth continued to be strong across Agilent's analytical services and consumables business. ACG's operating margin was 21.5 percent in the quarter.
The Diagnostics and Genomics Group (DGG) Q2 revenues of $169 million rose 1 percent year over year (up 10 percent adjusted for currency), led by particular strength in Dako and the nucleic acid businesses. DGG's operating margin for the quarter was 15.0 percent.
Agilent's third-quarter 2015 revenues are expected to be in the range of $995 million to $1,015 million. Third-quarter non-GAAP earnings are expected to be in the range of $0.38 to $0.42 per share(2).
For fiscal year 2015, Agilent expects revenues of $4.05 billion to $4.11 billion and non-GAAP earnings of $1.67 to $1.73 per share(2). The guidance is based on April 30, 2015 exchange rates. Foreign currency movements continue to impact Agilent's revenues and profits, and the company has taken action on multiple fronts to mitigate the effects. ■