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Agilent Technologies Q3 Revenues Rise 26 Percent

NEW YORK – Agilent Technologies reported after the close of the market on Tuesday that its third quarter revenues rose 26 percent year over year.

The firm said its core revenues, which excludes the impact of currency and acquisitions and divestitures in the past 12 months, rose 21 percent in Q3.

For the three months ended July 31, the firm's revenues increased to $1.59 billion from $1.26 billion in Q3 2020, beating analysts' average estimate of $1.54 billion.

During the third quarter, revenues for the diagnostic and genomics group, or DGG, rose 44 percent to $346 million from $241 million in the year-ago quarter. Core revenues for DGG rose 37 percent, Agilent said.

Agilent's life sciences and applied markets group, or LSAG, saw a 22 percent year-over-year revenue increase to $680 million from $557 million. Core revenues for LSAG rose 18 percent year over year.

Q3 revenues for Agilent's CrossLab group rose 21 percent year over year to $560 million from $463 million, while core revenues for the group rose 15 percent.

In Q3, Agilent reported net income of $264 million, or $.86 per share, compared to net income of $199.0 million, or $.64 per share, in Q3 2020. On an adjusted basis, the firm reported earnings of $1.10 per share, beating the analysts' average estimate of $.99 per share.

The firm's R&D costs rose 23 percent year over year to $113 million from $92 million, while its SG&A expenses rose 16 percent to $403 million from $347 million in the prior year.

Agilent ended the quarter with $1.43 billion in cash and cash equivalents.

For fiscal year 2021, Agilent now expects revenues between $6.29 billion and $6.32 billion compared to its previously announced guidance of $6.15 billion to $6.21 billion. The firm now expects adjusted EPS of $4.28 to $4.31 per share.

Agilent said it expects fourth quarter revenues between $1.63 billion and $1.66 billion, and Q4 adjusted EPS between $1.15 and $1.18 per share. The consensus Wall Street revenues estimate for Q4 prior to the release of the financial results was $1.61 billion, and the adjusted EPS estimate was $1.11.

Agilent's shares were up less than 1 percent at $162.38 in Wednesday morning trading on the New York Stock Exchange.