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Agilent Q3 Revenues Rise 22 Percent as Mass Spec Performs 'Exceptionally Well'

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Agilent President and CEO William Sullivan said this week that the company’s mass spec business "continues to perform exceptionally well" and contributed to a 22 percent increase in total third-quarter revenue and a 21 percent jump in revenue for the company's Life Sciences business.

Sullivan, who made his comments in a conference call to discuss Agilent's quarterly financial results, also noted the launch at this June's American Society for Mass Spectrometry annual meeting of the company's new 6550 iFunnel Q-TOF and 6420 triple quad instruments, saying that the company was "very pleased with the new launches."

While the company did not provide revenue numbers for the mass spec business, Sullivan said that "all key product platforms as well as services demonstrated double-digit revenue growth."

In the third quarter, total revenues came in at $1.69 billion, compared to $1.38 billion a year ago, beating analyst estimates of $1.66 billion. Life Sciences posted $453 million in revenues, up from $374 million a year ago.

Net income increased 61 percent to $330 million, or $.92 per share, from $205 million, or $.58 per share, a year ago.

Agilent increased R&D spending 5 percent to $162 million during the quarter from $154 million a year ago, while it reduced SG&A costs about 2 percent to $449 million from $456 million.

It finished the quarter with $3.10 billion in cash and cash equivalents.

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