Agilent hit the high end of estimates at 21¢
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$2.5B in cash with a market cap of $11.8B
Report:
agilent.com
Press Release Source: Agilent Technologies, Inc.
Agilent Technologies Reports First Quarter 2005 Results
Monday February 14, 4:05 pm ET
PALO ALTO, Calif.--(BUSINESS WIRE)--Feb. 14, 2005--Agilent Technologies Inc. (NYSE:A - News) today reported orders of $1.61 billion for the first fiscal quarter ended Jan. 31, 2005, 7 percent below one year ago. Revenues during the quarter were $1.66 billion, 1 percent ahead of last year. First quarter GAAP net earnings were $103 million, or $0.21 per diluted share, compared with $71 million, or $0.14 per share, in last year's first quarter.
Excluding a net $3 million of restructuring charges and tax benefits, Agilent reported first quarter operating net income of $100 million, or $0.20 per share. On a comparable basis, the company earned $103 million, or $0.21 per share, one year ago.(1)
"I am pleased with Agilent's first quarter performance," said Ned Barnholt, Agilent chairman, president and chief executive officer. "We executed well, with very good operating discipline and cash generation in a challenging market environment. This quarter we continued to build on our strong foundation of product innovation and operational excellence that I believe will benefit Agilent for years to come."
The company reported first quarter revenues of $1.66 billion, consistent with its expectations of $1.60 billion to $1.70 billion. Operating earnings, at $0.20 per share, were at the top of the guidance range of $0.14 to $0.21 per share. Gross margins were essentially flat compared with last year, despite much more difficult conditions in Agilent's semiconductor-related businesses, and operating expenses remained under very good control. The company generated another $100 million in free cash flow(2) from operations during the quarter, bringing total cash on hand to $2.5 billion.
Looking ahead, Agilent said it expects relatively flat second quarter fiscal 2005 revenues of $1.60 billion to $1.70 billion, reflecting the $70 million lower revenues associated with the divestiture of the company's camera module business. Operating earnings are expected to be in the range of $0.18 to $0.23 per share (3). |
