Agilent profit falls in second quarter
By Michael Paige, MarketWatch
Last Update: 4:51 PM ET May 16, 2005
marketwatch.com
WASHINGTON (MarketWatch) - Agilent Technologies on Monday posted a narrower second-quarter profit, as sales and orders for its scientific instruments and testing equipment fell.
In the three months ended April 30, Agilent said net income slid to $95 million, or 19 cents a share, from $104 million, or 21 cents a share, a year earlier.
Sales fell 8% to $1.69 billion from $1.83 billion a year earlier. Orders - a key gauge of future sales -- dropped 9% to $1.73 billion.
Excluding restructuring charges and tax benefits, the company said earnings from operations fell to $101 million, or 20 cents a share, from $119 million, or 24 cents, a year earlier. That matched the consensus estimate of analysts compiled by Thomson First Call.
After first-quarter results were issued in February, Agilent (A: news, chart, profile) told analysts that second-quarter numbers would fall short of estimates.
Agilent, based in Palo Alto, Calif., is the top global supplier of products used to test and measure the efficacy of semiconductor-producing gear, medical-lab equipment and related instruments.
Looking ahead, Agilent predicted a "modest rebound" in its semiconductor-related businesses, partly offsetting normal seasonal weakness during the third quarter.
The company forecast operating earnings of 23 cents to 28 cents a share on revenue of $1.7 billion to $1.8 billion. Wall Street was estimating profit of 28 cents a share on sales of $1.75 billion.
In the fourth quarter, Agilent predicted that revenue would rise 5% sequentially, with earnings about 10 cents higher compared to the third quarter.
On Monday, Agilent stock closed down 43 cents to $21.56 ahead of the earnings report. Results were released after U.S. markets closed.
Michael Paige is a reporter for MarketWatch in Los Angeles. |
