Agilent Technologies Inc Stock Nosedives Despite 10% Revenue Growth


Agilent Technologies Inc (NYSE:A) reported its latest quarterly earnings results, which saw its shares take a hit after hours despite the fact that the company topped expectations.

Agilent Technologies Inc
Source: Shutterstock

The research, development and manufacturing company announced net income of $205 million, or 63 cents per share for its second quarter of fiscal 2018, topping its year-ago net income of $164 million, or 50 cents per share.

On an adjusted basis, Agilent Technologies brought in earnings of roughly $212 million, or 65 cents per share for the period. Analysts were calling for the company to rake in adjusted earnings of 64 cents per share, according to a survey conducted by Thomson Reuters.

The company’s adjusted earnings was roughly $212 million, topping the $187 million it raked in during the year-ago period. Its per-share earnings of 65 cents was also higher than the adjusted earnings of 58 cents per share it earned during the year-ago period.

Agilent Technologies’ revenue for the quarter was up by about 10.0% to $1.21 billion from $1.10 billion during its year-ago quarter. For its third quarter of fiscal 2018, the company projects adjusted earnings in the range of 61 cents to 63 cents per share, which is below the Wall Street consensus estimate of 65 cents per share.

The company is also calling for third-quarter revenue of $1.185 billion to $1.205 billion, also below analysts’ expectations of $1.21 billion. For fiscal 2018, Agilent Technologies sees core revenue growth of around 5.5% year-over-year, as well as adjusted earnings guidance of $2.65 per share.

A stock fell roughly 7.4% after the bell Monday.

Article printed from InvestorPlace Media,

©2023 InvestorPlace Media, LLC