Agilent Slips After Cutting Guidance
Agilent (A:US) shares fell modestly in early Wednesday trade after the company lowered its full-year guidance.
The company's revised projection for the full year now places its adjusted EPS between $5.40 to $5.43, lower than the previously anticipated range of $5.60 to $5.65. The Bloomberg consensus stood at $5.60.
Agilent's revised full-year revenue projection now places it within the range of $6.80 billion to $6.85 billion. This represents a slight decline of 0.7% to flat reported growth, while the core growth range reflects an increase of 0.8% to 1.5% year-over-year.
“The Agilent team executed well in challenging macroeconomic market conditions during the quarter, particularly in China,” said Agilent President and CEO Mike McMullen. “Looking forward, we believe the current market environment is transitory, and are confident in our team and the long-term growth prospects of our end markets.”
In the third quarter of the fiscal year, Agilent reported an adjusted EPS of $1.43, surpassing the estimated $1.36 figure. Net revenue reached $1.67 billion, in line with the estimated $1.66 billion.
The life sciences and applied markets sector generated $927 million, in line with the estimated $928.4 million. Notably, Agilent Crosslab's revenue stood at $396 million, surpassing the estimated $379.9 million.
The company's adjusted net income reached $422 million, outperforming the estimated $403.3 million.
Agilent shares are down more than 18% year-to-date. The stock fell a further 2.5% in early Wednesday trade.
Congressman Ro Khanna disclosed recently that he sold $15,000 - $50,000 worth of Agilent shares on two separate occasions in June and May.
