SANTA CLARA, Calif. - Agilent Technologies Inc. (NYSE: NYSE:A), a provider of analytical and clinical laboratory technologies, has announced the appointment of Bret DiMarco as Senior Vice President and Chief Legal Officer, effective today. DiMarco will also serve as the company's secretary, stepping into a role that oversees Agilent's global legal operations.
Before his appointment at Agilent, DiMarco held the position of Chief Legal Officer at Pendo.io, a global software-as-a-service (SaaS) company. His career also includes a tenure as Executive Vice President, Chief Legal Officer, and Corporate Secretary for Coherent (NYSE:COHR) Inc., a significant player in the laser manufacturing industry. During his time at Coherent, he managed all legal affairs, intellectual property, and trade compliance, and played a pivotal role in the company's merger with II-VI Incorporated.
DiMarco's experience extends to the international law firm Wilson Sonsini Goodrich & Rosati, where he specialized in corporate and securities law, corporate governance, and mergers and acquisitions. Additionally, he has a history of involvement with Nasdaq councils, including his current position as chair of the Nasdaq Exchange Nominating Committee. His academic contributions include serving as an adjunct assistant professor of law at the University of California Law School, San Francisco since 2004.
Educationally, DiMarco is a graduate of the University of Southern California Law School and received his bachelor's degree from the University of California, Irvine.
Agilent's President and CEO, Padraig McDonnell, expressed confidence in DiMarco's broad expertise, which spans various industries, stating that his skills will be valuable as the company strives to enhance its customer focus and agility in the marketplace.
Agilent, which generated $6.83 billion in revenue in fiscal 2023 and employs about 18,000 people worldwide, emphasizes that this appointment is part of its ongoing effort to add value to customers and shareholders. The information about this executive change is based on a press release statement from Agilent Technologies.
In other recent news, Agilent Technologies reported mixed results for the second quarter of 2024. Despite a 7.4% decline in revenue, totaling $1.573 billion, the company's earnings per share (EPS) of $1.22 exceeded expectations. The full-year core revenue outlook has been revised, projecting a decrease between 4.3% and 5.4%, with EPS anticipated to be between $5.15 and $5.25.
Agilent also announced its plan to repurchase $750 million of its common stock in the latter half of the year. In a move to streamline its cost structure, the company is aiming for $100 million in annualized savings by the fiscal year-end.
Wolfe Research has downgraded Agilent's stock rating to peerperform, citing limited upside. Meanwhile, Citi reaffirmed its neutral stance on Agilent, anticipating that positive trial results from Alnylam Pharmaceuticals' HELIOS-B clinical study could potentially boost Agilent's revenues in the long term.
Agilent has launched two new mass spectrometry products, the Agilent 7010D Triple Quadrupole GC/MS System and the Agilent ExD Cell, aimed at addressing the needs of various sectors including bio/pharma, life science research, food, and environmental sectors.
InvestingPro Insights
As Agilent Technologies Inc. welcomes Bret DiMarco into a key executive role, the company's financial health and market performance continue to be of interest to investors and stakeholders. Recent data from InvestingPro provides a snapshot of Agilent's standing in the market:
- The company's market capitalization stands at a robust $37.82 billion, reflecting its significant presence in the analytical and clinical laboratory technology sector.
- Agilent is trading at a price-to-earnings (P/E) ratio of 30.36, which is a measure of the company's current share price relative to its per-share earnings. This ratio suggests that investors are willing to pay a higher price for the company's earnings, potentially due to expectations of future growth or the company's stable earnings track record.
- The company has shown a dedication to returning value to shareholders, maintaining dividend payments for 13 consecutive years, with a current dividend yield of 0.73%.
InvestingPro Tips highlight that Agilent operates with a moderate level of debt and its cash flows can sufficiently cover interest payments, indicating a stable financial structure. Additionally, the company has been recognized for its low price volatility, which may appeal to investors seeking a more stable investment amidst market fluctuations.
For those looking to delve deeper into Agilent's financials and future outlook, InvestingPro offers additional insights. Currently, there are 14 analysts who have revised their earnings downwards for the upcoming period, which could be a factor to consider when evaluating the company's short-term prospects. Moreover, Agilent is trading at a high earnings multiple, suggesting that it may be valued richly compared to its earnings. Investors interested in a comprehensive analysis can access more InvestingPro Tips by visiting https://www.investing.com/pro/A. Don't forget to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and discover the full range of expert tips available.
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