Agilent Reports Q1 Loss, But Sees Signs of Upturn
Online staff -- Electronic News, 2/19/2002
e-insite.net
Agilent Technologies Inc. today reported orders totaling $1.5 billion and revenue of $1.4 billion for the first quarter, which ended Jan. 31. However, including charges, the company reported a net loss of $315 million, or 68 cents per share.
Not including restructuring and other charges, the Palo Alto, Calif.-based company reported a loss of $134 million, or 29 cents per share. Agilent said it had been expecting a loss of 40 cents to 60 cents before charges.
A year ago, the company reported orders of $2.5 billion and revenue of $2.6 billion. Net income for the first quarter of 2000 was $100 million, or 38 cents per share.
While business conditions remain difficult, the company said it is seeing the first signs of an economic upturn.
"Compared to last year, orders and revenues are down 41 percent and 44 percent, respectively," said Ned Barnholt, Agilent president and CEO, in a statement. "But, after five consecutive quarters of steep declines, first quarter net orders were up 20 percent over the fourth quarter of last year. With order cancellations of $80 million down sharply compared to last quarter’s $250 million, we have some confidence that market conditions in our businesses are stabilizing."
The company is continuing its restructuring efforts, Barnholt said, and expects Agilent’s workforce will be reduced by about 18 percent by mid 2002. |
