Agilent Technologies Q3 revenue $1.04 billion
Third-quarter GAAP income from continuing operations was $124 million, or $0.38 per share. Last year's third-quarter GAAP income from continuing operations was $113 million, or $0.34 per share.
During the third quarter, Agilent had intangible amortization of $37 million, transformation costs of $11 million, acquisition and integration costs of $11 million, asset impairment costs of $4 million, and $3 million of other costs.
Excluding those items, and a tax benefit of $30 million, Agilent reported third-quarter adjusted income from continuing operations of $160 million, $0.49 per share.
Agilent's adjusted operating margin was 20.6 percent(4) for the third quarter, up 70 basis points over a year ago.
Third-quarter revenue of $504 million from Agilent's Life Sciences and Applied Markets Group (LSAG) decreased 1 percent year over year, down 2 percent on a core basis, in line with expectations. LSAG's Q3 operating margin was 19.1 percent.
Third-quarter revenue of $360 million from the Agilent CrossLab Group (ACG) grew 7 percent year over year (up 8 percent on a core basis(2)). Both services and consumables continued to see solid growth worldwide and across key markets. ACG's operating margin was 22.7 percent for the quarter.
Third-quarter revenue of $180 million from Agilent's Diagnostics and Genomics Group (DGG) increased 8 percent year over year, also up 8 percent on a core basis, reflecting growth across all businesses. DGG's operating margin for the quarter was 18.8 percent.
Agilent expects fourth-quarter 2016 revenue in the range of $1.05 billion to $1.07 billion. Fourth-quarter non-GAAP earnings are expected to be in the range of $0.50 to $0.52 per share.
For fiscal year 2016, Agilent expects revenue of $4.14 billion to $4.16 billion and non-GAAP earnings of $1.89 to $1.91 per share(3). Guidance is based on July 29, 2016 exchange rates. Core revenue growth and earnings per share midpoint are the same as prior guidance. ■