NEW YORK – Agilent Technologies announced that it is withdrawing its second-quarter and fiscal year 2020 guidance due to the global impact of COVID-19 on its business activities.
While the firm's Q2 revenues rose 2 percent through March, it noted a significant disruption in business activity in late March, especially in the US and Europe, as customers closed or restricted access to their facilities in an attempt to slow the spread of the coronavirus.
Agilent previously expected revenues of $1.28 billion to $1.32 billion and adjusted EPS of $.72 to $.76 for the second quarter. For the fiscal year 2020, the firm had expected revenues of $5.5 billion to $5.55 billion and adjusted EPS of $3.38 to $3.43.
Despite implementing measures to minimize expenses, Agilent said it is unable to reasonably estimate the speed of recovery in its end markets nor the related impact on financial results for the remainder of the financial year.
The firm will provide additional details during its Q2 earnings conference call scheduled for May 21.