Agilent Technologies Expects to Exceed Guidance for First Quarter 2004 Results
PALO ALTO, Calif., Jan 26, 2004 (BUSINESS WIRE) -- Agilent Technologies Inc. (NYSE:A) today announced it expects its results for the first fiscal quarter, ending Jan. 31, 2004, to be above the guidance provided in early December.
First quarter revenues are now expected to be in the range of $1.63 billion to $1.68 billion, compared to previous guidance of $1.55 billion to $1.65 billion. Earnings before restructuring and amortization charges are now anticipated to be $0.20 to $0.24 per share(1). Prior guidance was for earnings of $0.05 to $0.15 per share.
"We have not seen the normal seasonal decline in first quarter activity," said Ned Barnholt, Agilent chairman, president and chief executive officer. "Both semiconductors and semiconductor capital equipment have been particularly strong. We have also been successful bringing the benefits of lower structural costs to Agilent's bottom line."
"While the business environment remains volatile, we currently expect Agilent's second quarter earnings before restructuring and amortization charges to be in the range of $0.20 to $0.25 per share(1) on revenues of $1.65 billion to $1.70 billion," said Barnholt.
The company will release first fiscal quarter earnings after the market closes on Feb. 17, 2004, and will hold its quarterly conference call at 1:30 p.m. Pacific Time on that date. The company intends to update its guidance for the second quarter and for full year 2004 at that time.
About Agilent Technologies
Agilent Technologies Inc. (NYSE:A) is a global technology leader in communications, electronics, life sciences and chemical analysis. The company's 28,000 employees serve customers in more than 110 countries. Agilent had net revenue of $6.1 billion in fiscal year 2003. Information about Agilent is available on the Web at www.agilent.com.
Forward-Looking Statements
This news release contains forward-looking statements (including, without limitation, information regarding expected revenues and earnings) that involve risks and uncertainties that could cause results of Agilent to differ materially from management's current expectations.
In addition, other risks that Agilent faces in running its operations include: the ability to execute successfully through business cycles while it continues to implement workforce and other cost reductions; the ability to meet and achieve the benefits of its cost reduction goals and otherwise successfully adapt its cost structures to continuing changes in business conditions; ongoing competitive, pricing and gross margin pressures; the risk that our cost-cutting initiatives will impair our ability to develop products and remain competitive and to operate effectively; the impact of geopolitical uncertainties on our markets and our ability to conduct business; the successful implementation of Agilent's ERP and other information systems and the ability to realize the benefits from these and other IT systems investments; the ability to improve asset performance to adapt to the current economic slowdown and other changes in demand; the ability to successfully introduce new products at the right time, price and mix and other risks detailed in Agilent's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended Oct. 31, 2003.
(1) Agilent's expected range of EPS for first and second quarters excludes restructuring costs and amortization of intangibles. Restructuring costs for first and second quarters cannot be reliably estimated and may be significant. Amortization of intangibles is expected to be about $10 million for Q1 and $5 million for Q2. Pro forma tax rate is assumed to be about 31 percent. GAAP tax rate cannot be reliably estimated.
SOURCE: Agilent Technologies Inc.
CONTACT: Agilent Technologies Inc.
Editorial:
Michele Drake, 650-752-5296
michele_drake@agilent.com
Jorgen Tesselaar, +31 20 547 2825 (Europe and Asia)
jorgen_tesselaar@agilent.com
Investors:
Hilliard Terry, 650-752-5329
hilliard_terry@agilent.com |
