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Agilent Q4 Revenues Rise 12 Percent

NEW YORK — Agilent Technologies reported after the close of the market on Monday that its fiscal fourth quarter revenues increased 12 percent year over year.

For the three months ended Oct. 31, revenues rose to $1.66 billion from $1.48 billion in Q4 of 2020, beating the average Wall Street estimate of $1.47 billion. The company said core revenues, which exclude the impact of currency and acquisitions and divestitures within the past 12 months, grew 11 percent year over year in Q4.

Revenues for the diagnostics and genomics group, or DGG, rose 16 percent to $341 million from $294 million in the year-ago quarter, while core revenues for DGG were up 13 percent year over year. The life sciences and applied markets group, or LSAG, saw an 11 percent revenue growth in Q4 to $747 million from $671 million, while core revenues were up 10 percent.

Agilent CrossLab group, or ACG, revenues grew 10 percent to $572 million from $518 million, while core revenues were up 9 percent, the firm said. 

Agilent's net income in Q4 rose to $442 million, or $1.45 per share, from $222 million, or $.71 per share, a year ago. On an adjusted basis, earnings were $1.21 per share for the quarter, beating the analyst consensus estimate of $1.04 per share.

The firm's Q4 R&D expenses rose 14 percent year over year to $116 million from $102 million, while SG&A expenses grew slightly to $389 million from $387 million in the prior year quarter.

In fiscal year 2021, revenues rose 18 percent to $6.32 billion from $5.34 billion in 2020, beating the average Wall Street estimate of $5.59 billion. The company said its core revenues grew 15 percent in 2021.

2021 DGG revenues rose 24 percent to $1.30 billion from $1.05 billion a year ago. LSAG saw an 18 percent revenue increase to $2.82 billion from $2.39 billion, and ACG revenues rose 16 percent year over year to $2.20 billion from $1.90 billion.

Agilent's net income in fiscal year 2021 rose to $1.21 billion, or $3.94 per share, from $719 million, or $2.30 per share, in 2020. On an adjusted basis, the firm reported earnings of $4.34 per share for the year, beating analysts' consensus estimate of $3.80 per share.

The firm's 2021 R&D costs fell 11 percent to $441 million from $495 million, while SG&A expenses for the year rose 8 percent to $1.62 billion from $1.50 billion.

Agilent ended the fiscal year with $1.48 billion in cash and cash equivalents.

For fiscal year 2022, the firm expects revenues of $6.65 billion to $6.73 billion, and adjusted earnings per share of $4.76 to $4.86. For Q1 2022, Agilent expects revenues of $1.64 billion to $1.66 billion, and adjusted earnings per share of $1.16 to $1.18.

Agilent's shares were down more than 5 percent at $154.32 in Tuesday morning trading on the New York Stock Exchange.

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