SANTA CLARA, Calif. - Agilent Technologies Inc. (NYSE: NYSE:A) today announced financial results for the first quarter ended Jan. 31, 2024, with earnings and revenue surpassing analysts' expectations. The company reported adjusted earnings per share (EPS) of $1.29, which was $0.07 higher than the analyst estimate of $1.22. Revenue for the quarter was $1.66 billion, exceeding the consensus estimate of $1.59 billion and representing a 5.6% decrease from the first quarter of 2023.
Despite the year-over-year (YoY) revenue decline, Agilent's performance topped its Q1 guidance, with the company maintaining its full-year outlook. The full-year revenue forecast remains between $6.71 billion and $6.81 billion, aligning with analysts' consensus of $6.74 billion. For adjusted EPS, the company anticipates a range of $5.44 to $5.55 for the fiscal year 2024, closely matching the consensus estimate of $5.49.
For the second quarter of 2024, Agilent expects revenue to be in the range of $1.56 billion to $1.59 billion, with adjusted EPS between $1.17 and $1.20. This guidance falls short of analysts' expectations, which predict a consensus revenue of $1.62 billion and EPS of $1.27 for the upcoming quarter.
Agilent's stock responded positively to the earnings release, climbing 5.62%, indicating a strong market reaction to the company's financial performance. The earnings and revenue beat is the primary driver of the stock's upward movement.
President and CEO Mike McMullen commented on the results, stating, "The Agilent team continued its strong execution in the first quarter, delivering better-than-expected revenue and earnings. We are well positioned for long-term growth driven by our diversified business and multiple growth drivers. While near-term market challenges remain, I continue to be optimistic about our future."
The company's financial health is further evidenced by its segment performance. The Agilent CrossLab Group (ACG) reported a 6% increase in revenue, while the Life Sciences and Applied Markets Group (LSAG) and the Diagnostics and Genomics Group (DGG) experienced declines of 10% and 6%, respectively, on a reported basis.
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