SANTA CLARA, Calif. - Agilent Technologies Inc. (NYSE:A) reported better-than-expected third quarter results and raised its full-year guidance, sending shares 1.6% higher in after-hours trading.
The scientific instrument maker posted adjusted earnings of $1.32 per share for the quarter ended July 31, surpassing analyst estimates of $1.26. Revenue came in at $1.58 billion, above the consensus forecast of $1.56 billion but down 5.6% YoY.
"The Agilent team executed well in Q3, delivering revenue and EPS above the top end of our guidance," said Agilent President and CEO Padraig McDonnell. "While market conditions continued to be challenged during the quarter, we saw steady signs of improvement as anticipated."
For the fourth quarter, Agilent expects revenue between $1.641 billion and $1.691 billion, compared to analyst projections of $1.67 billion. The company forecasts Q4 adjusted EPS of $1.38 to $1.42, slightly below the $1.44 consensus estimate.
Agilent raised its full-year 2024 outlook, now projecting revenue of $6.45 billion to $6.5 billion and adjusted EPS of $5.21 to $5.25. Both ranges surpass previous Wall Street expectations.
The company's Life Sciences and Applied Markets Group saw revenue decline 8% YoY to $782 million in Q3. However, the Agilent CrossLab Group posted 4% revenue growth to $411 million.
Agilent said it continues to invest in promising growth opportunities while implementing strategic transformation initiatives aimed at driving margin expansion and improving execution capabilities.
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