Agilent Technologies Stock Sinks After Company Cuts Guidance To Reflect Slower Market Recovery

Agilent Technologies Inc A shares are falling after the bell on Wednesday following the company’s second-quarter financial results. Agilent revised its full-year outlook to reflect a slower market recovery.

• Q2 Revenue: $1.57 billion, versus estimates of $1.58 billion

• Q2 EPS: $1.22, versus estimates of $1.19

“In Q2, we delivered on our expectations and showed the resiliency of our diversified business. While we see the market improving, it is improving at a slower pace than anticipated,” said Padraig McDonnell, president and CEO of Agilent.

“We are taking decisive action to streamline our cost structure and capture incremental opportunities in the markets as they recover. I’m confident about the future and extremely excited about the opportunities that lie ahead for Agilent.”

Agilent’s board authorized a new share repurchase program of up to $2 billion. The company said it plans to repurchase $750 million worth of its stock by the end of its fiscal year.

Guidance: Agilent sees third-quarter revenue in the range of $1.535 billion to $1.575 billion versus estimates of $1.72 billion. The company anticipates third-quarter earnings of $1.25 to $1.28 per share versus estimates of $1.45 per share.

Agilent also revised its full-year guidance due to a slower recovery across end markets. The company now expects full-year revenue to be between $6.42 billion and $6.5 billion versus estimates of 6.77 billion. Agilent now sees full-year earnings of $5.15 to $5.25 per share versus estimates of $5.50 per share.

A Price Action: Agilent shares were down 13.39% at $126 in Wednesday’s after-hours session, according to Benzinga Pro.

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