Agilent Technologies Inc. (NYSE: A) reported its second quarter financial results, despite reporting in-line results, shares fell by as much as 12.1 percent after the opening bell on Tuesday.
For the first quarter, Agilent reported revenue of $1.21 billion, growing 9 percent year over year and falling in-line with analysts’ estimates. The company reported net income of $212 million or 65 cents per share, topping analysts’ estimates by 1 cents.
The total revenue growth was driven by all of Agilent’s segment reporting growth. Despite reporting growth all segments and the company’s total revenue, Wall Street analysts were not impressed by the results.
Agilent’s Life Sciences and Applied Markets Group delivered revenue of $561 million, growing 7 percent year over year. The CrossLab Group reported revenue of $426 million, growing 13 percent, while the Diagnostics and Genomics segment drove in revenue of $219 million, growing 9 percent.
“We are successfully executing on our growth strategy,” said Mike McMullen, Agilent CEO and president. “On the innovation front, we are seeing strong momentum in our newly released products and are continuing to introduce highly differentiated solutions to help our customers advance their work. We are also effectively deploying our capital—the recently closed acquisitions of Genohm and Lasergen, Inc. will add new strategic capabilities to drive future growth and create value for our customers and our shareholders.”
For the third quarter, Agilent forecasts revenue of $1.19 billion to $1.21 billion and adjusted earnings of 61 cents to 63 cents per share. For the fiscal year, the company projects revenue growth of 5.5 percent and a midpoint adjusted earnings of $2.65 per share.