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Agilent Posts 3 Percent Revenue Growth for Q3

NEW YORK (GenomeWeb) – Agilent Technologies reported after the close of the market Wednesday that its third quarter revenues increased 3 percent year over year, with growth in its CrossLab Group and Diagnostics and Genomic Group partially offset by a decline for its Life Sciences and Applied Markets Group.

For the three months ended July 31, 2016, Agilent reported total revenues of $1.04 billion, up from $1.01 billion in the third quarter of 2015. It fell just shy of the average analyst estimate for revenues of $1.05 billion.

Sales for its CrossLab Group were $360 million, up 7 percent year over year, while sales for its Diagnostics and Genomic Group were up 8 percent to $180 million. Revenues for its Life Sciences and Applied Markets Group slipped 1 percent to $504 million.

Agilent posted a profit of $124 million, or $.38 per share, for the quarter compared to $111 million, or $.33 per share, for Q3 2015. On a non-GAAP basis, its EPS was $.49, beating the consensus Wall Street estimate of $.47.

The firm's R&D spending increased 9 percent to $86 million from $79 million, while its SG&A expenses were up 7 percent at $310 million versus $290 million.

Agilent finished the quarter with $2.20 billion in cash and cash equivalents.

For the fourth quarter, Agilent expects to report revenues in the range of $1.05 billion to $1.07 billion with non-GAAP EPS of between $.50 and $.52, both below Wall Street's consensus estimate of $1.09 billion in revenues and EPS of $.54.