Agilent Reports Second-Quarter Fiscal Year 2021 Financial Results

Rhea-AI Summary

Agilent Technologies Inc. (NYSE: A) reported second-quarter revenue of $1.525 billion, marking a 23% increase year-over-year and 19% growth on a core basis. GAAP net income rose to $216 million or 70 cents per share from $101 million or 32 cents a year prior. Non-GAAP net income reached $299 million or 97 cents per share, compared to $223 million or 71 cents last year. The company raised its fiscal 2021 revenue outlook to between $6.15 billion and $6.21 billion, with non-GAAP earnings guidance adjusted to $4.09 to $4.14 per share.

Positive

• Revenue of $1.525 billion reflects a 23% increase year-over-year.
• GAAP net income increased to $216 million, a significant rise from $101 million in the previous year.
• Non-GAAP net income rose to $299 million, up from $223 million year-on-year.
• Operating margins for Life Sciences and Applied Markets Group, Agilent CrossLab Group, and Diagnostics and Genomics Group remained strong at 22.9%, 26.3%, and 21.9%, respectively.
• Raised fiscal year 2021 revenue outlook to between $6.15 billion and $6.21 billion.

Negative

• None.

Agilent Technologies Inc. (NYSE: A) today reported revenue of $1.525 billion for the second quarter ended April 30, 2021, an increase of 23% compared to the second quarter of 2020 and up 19% on a core⁽¹⁾ basis.

Second-quarter GAAP net income was $216 million, or 70 cents per share. This compares with $101 million, or 32 cents per share, in the second quarter of fiscal year 2020. Non-GAAP⁽²⁾ net income was $299 million, or 97 cents per share compared with $223 million, or 71 cents per share, during the second quarter a year ago.

“The Agilent team delivered an exceptional quarter, exceeding our revenue and earnings expectations as our growth momentum continues,” said Mike McMullen, Agilent president and CEO. “Our very strong growth is broad-based across all end-markets, geographies and business groups. These results reflect our relentless customer focus, innovative solutions, and excellent operational execution. Due to our strong-second quarter performance and expected continued momentum, we are raising our revenue and earnings outlook for the full year.

“We also welcomed the Resolution Bioscience team to Agilent in Q2, continuing our investment in high-growth markets as part of our ‘build and buy’ growth strategy.”

Financial Highlights

Life Sciences and Applied Markets Group

Second-quarter revenue of $674 million from Agilent’s Life Sciences and Applied Markets Group (LSAG) increased 28% year-over-year and was up 25% on a core⁽¹⁾ basis. LSAG’s operating margin was 22.9%.

Agilent CrossLab Group

Second-quarter revenue of $536 million from the Agilent CrossLab Group (ACG) increased 19% year-over-year and was up 15% on a core⁽¹⁾ basis. ACG’s operating margin was 26.3%.

Diagnostics and Genomics Group

Second-quarter revenue of $315 million from Agilent’s Diagnostics and Genomics Group (DGG) increased 20% year-over-year and was up 16% on a core⁽¹⁾ basis. DGG’s operating margin was 21.9%.

Full-Year and Third-Quarter Outlook

Agilent has increased its outlook and now expects revenue in the range of $6.15 billion to $6.21 billion for fiscal year 2021. Fiscal year 2021 non-GAAP⁽³⁾ earnings guidance has also increased to a range of $4.09 to $4.14 per share.

Agilent expects third-quarter 2021 revenue in the range of $1.51 billion to $1.54 billion, with non-GAAP⁽³⁾ earnings expected to be in the range of 97 to 99 cents per share.

The outlook is based on currency-exchange rates as of April 30, 2021.

Conference Call

Agilent’s management will present additional details regarding the company’s second-quarter 2021 financial results on a conference call with investors today at 1:30 p.m. PST. This event will be broadcast live online in listen-only mode. To listen to the webcast, select the “Q2 2021 Agilent Technologies Inc. Earnings Conference Call” link in the “

FAQ

What was Agilent Technologies' revenue for Q2 2021?

Agilent Technologies reported revenue of $1.525 billion for the second quarter of 2021.

What is the earnings per share (EPS) for Agilent in Q2 2021?

The GAAP EPS for Agilent in Q2 2021 was 70 cents per share.

How did Agilent's Q2 2021 performance compare to the previous year?

Agilent's Q2 2021 revenue increased by 23% and GAAP net income rose significantly from $101 million to $216 million.

What is Agilent's revenue outlook for the full year 2021?

Agilent has raised its revenue outlook for fiscal year 2021 to a range of $6.15 billion to $6.21 billion.

What is the expected revenue for Agilent in Q3 2021?

Agilent expects Q3 2021 revenue in the range of $1.51 billion to $1.54 billion.