Agilent Technologies Exceeds Q3 Street Expectations, Raises Guidance

Agilent Technologies Inc A reported third-quarter FY22 revenue growth of 8% year-over-year to $1.72 billion, +13% on a core basis, beating the consensus of $1.61 billion.

Revenues for the diagnostics and genomic group decreased 2% Y/Y to $340 million, and the operating margin for the quarter was 21.5%.

Revenues for the life sciences and applied markets group increased 14% to $1.02 billion, and revenues for the Agilent Crosslab Group grew 5% to $359 million.

Adjusted net income was $401 million, or $1.34 per share, up 22% Y/Y, beating the consensus of $1.18.

The operating income increased 22.3% Y/Y to $411 million, and the margin expanded by 275 bps to 23.9%.

Agilent’s net cash provided by operating activities year-to-date was $864 million, compared to $1.04 billion a year ago. It held cash and cash equivalents of $1.07 billion as of July 31, 2022.

4Q22 Outlook: Agilent expects revenues of $1.75 billion - $1.775 billion vs. consensus of $1.71 billion; and adjusted EPS of $1.38 - $1.40, vs. consensus of $1.29.

FY22 Outlook: The company raised revenue guidance to $6.750 billion to $6.775 billion (prior $6.67 billion to $6.73 billion) vs. a consensus of $6.51 billion; and adjusted EPS to $5.06 to $5.08 per share (previous $4.86 to $4.93 per), vs. consensus of $4.76.

Price Action: A shares are trading higher by 5.54% at $140.09 during the post-market session on Tuesday.