Why Agilent Technologies Stock Is Climbing Tuesday

Agilent Technologies Inc A shares are trading higher Tuesday after the company reported better-than-expected financial results.

• Q4 Revenue: $1.69 billion beat estimates of $1.68 billion
• Q4 EPS: $1.38 beat estimates of $1.35

"The Agilent team continued its strong execution in Q4 and delivered leveraged earnings in 2023 during a challenging year for the industry. As we look ahead to 2024, we anticipate a slow but steady recovery," said Mike McMullen, president and CEO of Agilent Technologies.

Outlook: Agilent sees fiscal first-quarter revenue in the range of $1.555 billion to $1.605 billion versus estimates of $1.67 billion. The company expects first-quarter earnings to be between $1.20 and $1.23 per share versus estimates of $1.32 per share.

Agilent expects full-year 2024 revenue of $6.71 billion to $6.81 billion versus estimates of $6.98 billion. The company expects full-year earnings to be between $5.44 and $5.55 per share versus estimates of $5.61 per share.

Following the print, Baird analyst Catherine Schulte maintained Agilent with an Outperform rating and lowered the price target from $140 to $130.

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A Price Action: Agilent shares were up 8.67% at $123.86 at the time of publication, according to Benzinga Pro.

Photo: Pexels from Pixabay.