Agilent Reports Second-Quarter Fiscal Year 2022 Financial Results
Agilent Technologies reported a strong second quarter with revenue of $1.61 billion, reflecting a 5% increase year-over-year and 7% growth on a core basis. GAAP net income rose to $274 million or 91 cents per share, marking a 30% increase from Q2 2021. Non-GAAP earnings reached $340 million with an EPS of $1.13, up 16% year-over-year. The company raised its full-year revenue guidance to between $6.67 billion and $6.73 billion, projecting core growth of 8% to 9% and non-GAAP EPS of $4.86 to $4.93.
- Q2 revenue of $1.61 billion, up 5%, and 7% core growth.
- GAAP EPS increased to $0.91, up 30% from Q2 2021.
- Non-GAAP EPS of $1.13, up 16% year-over-year.
- Increased full-year revenue guidance to $6.67-$6.73 billion.
- Projected core growth raised to 8%-9% for the full year.
- Temporary COVID-19 shutdowns in China could impact future revenue.
Delivers solid results; increases full-year core growth and EPS forecast
Highlights:
-
Revenue of
represents$1.61 billion 5% reported growth; and up7% on a core(1) basis. -
GAAP net income of
with earnings per share (EPS) of$274 million 91 cents , up30% from the second quarter of 2021. -
Non-GAAP(2) net income of
with EPS of$340 million , up$1.13 16% from the second quarter of 2021. -
Full-year revenue is expected to be in the range of
to$6.67 billion , representing reported growth of$6.73 billion 5.6% to6.5% and increased core(1) growth to a range of8% to9% . Fiscal year 2022 non-GAAP(3) EPS is increased to an estimated range of to$4.86 per share.$4.93 -
Third-quarter revenue expected to be in the range of
to$1.62 5 billion with non-GAAP(3) EPS of$1.65 0 billion to$1.20 .$1.22
Second-quarter GAAP net income was
“The Agilent team delivered once again, demonstrating the resilience and strength of our business model,” said Agilent President and CEO
Financial Highlights
In the first quarter of 2022, Agilent implemented certain changes to its segment reporting structure. Prior period segment information has been recast to reflect these changes. These changes have no impact on Agilent’s consolidated financial statements.
Agilent’s
Diagnostics and
The Diagnostics and
Full Year and Third-Quarter Outlook
Agilent has increased fiscal year 2022 non-GAAP(3) EPS to an estimated range of
The outlook for fiscal 2022 third-quarter revenue is expected to be in a range of
The outlook is based on
Conference Call
Agilent’s management will present additional details regarding the company’s second-quarter 2022 financial results on a conference call with investors today at
About
Forward-Looking Statements
This news release contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. The forward-looking statements contained herein include, but are not limited to, information regarding Agilent’s growth prospects, business, financial results, revenue, and non-GAAP earnings guidance for Q3 and fiscal year 2022 and future amortization of intangibles. These forward-looking statements involve risks and uncertainties that could cause Agilent’s results to differ materially from management’s current expectations. Such risks and uncertainties include, but are not limited to, unforeseen changes in the strength of Agilent’s customers’ businesses; unforeseen changes in the demand for current and new products, technologies, and services; unforeseen changes in the currency markets; customer purchasing decisions and timing; and the risk that Agilent is not able to realize the savings expected from integration and restructuring activities. In addition, other risks that Agilent faces in running its operations include the ability to execute successfully through business cycles; the ability to meet and achieve the benefits of its cost-reduction goals and otherwise successfully adapt its cost structures to continuing changes in business conditions; ongoing competitive, pricing and gross-margin pressures; the risk that its cost-cutting initiatives will impair its ability to develop products and remain competitive and to operate effectively; the impact of geopolitical uncertainties and global economic conditions on its operations, its markets and its ability to conduct business; the ability to improve asset performance to adapt to changes in demand; the ability of its supply chain to adapt to changes in demand; the ability to successfully introduce new products at the right time, price and mix; the ability of Agilent to successfully integrate recent acquisitions; the ability of Agilent to successfully comply with certain complex regulations; the adverse impacts of and risks posed by the COVID-19 pandemic; and other risks detailed in Agilent’s filings with the
(1) Core revenue growth excludes the impact of currency and acquisitions and divestitures within the past 12 months. Core revenue is a non-GAAP measure. Reconciliations between GAAP revenue and core revenue for Q2 fiscal year 2022 are set forth on page 6 of the attached tables along with additional information regarding the use of this non-GAAP measure. Core revenue growth rate as projected for Q3 fiscal year 2022 and full fiscal year 2022 excludes the impact of currency and acquisitions and divestitures within the past 12 months. Most of the excluded amounts pertain to events that have not yet occurred and are not currently possible to estimate with a reasonable degree of accuracy and could differ materially. Therefore, no reconciliation to GAAP amounts has been provided for the projection.
(2) Non-GAAP net income and non-GAAP earnings per share primarily exclude the impacts of non-cash asset impairments, intangibles amortization, transformational initiatives, acquisition and integration costs, change in fair value of contingent consideration, loss on extinguishment of debt, business exit and divestiture costs and net loss (gain) on equity securities. Agilent also excludes any tax benefits or expenses that are not directly related to ongoing operations and which are either isolated or are not expected to occur again with any regularity or predictability. A reconciliation between non-GAAP net income and GAAP net income is set forth on page 4 of the attached tables along with additional information regarding the use of this non-GAAP measure.
(3) Non-GAAP earnings per share as projected for Q3 fiscal year 2022 and full fiscal year 2022 exclude primarily the impacts of non-cash intangibles amortization, transformational initiatives, and acquisition and integration costs. Agilent also excludes any tax benefits or expenses that are not directly related to ongoing operations and which are either isolated or are not expected to occur again with any regularity or predictability. Most of these excluded amounts pertain to events that have not yet occurred and are not currently possible to estimate with a reasonable degree of accuracy and could differ materially. Therefore, no reconciliation to GAAP amounts has been provided. Future amortization of intangibles is expected to be approximately
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||||||||
(In millions, except per share amounts) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
PRELIMINARY | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Net revenue | $ |
1,607 |
|
$ |
1,525 |
|
$ |
3,281 |
|
$ |
3,073 |
|
||||
Costs and expenses: | ||||||||||||||||
Cost of products and services |
|
746 |
|
|
708 |
|
|
1,510 |
|
|
1,418 |
|
||||
Research and development |
|
115 |
|
|
109 |
|
|
232 |
|
|
212 |
|
||||
Selling, general and administrative |
|
386 |
|
|
420 |
|
|
803 |
|
|
827 |
|
||||
Total costs and expenses |
|
1,247 |
|
|
1,237 |
|
|
2,545 |
|
|
2,457 |
|
||||
Income from operations |
|
360 |
|
|
288 |
|
|
736 |
|
|
616 |
|
||||
Interest income |
|
1 |
|
|
1 |
|
|
2 |
|
|
1 |
|
||||
Interest expense |
|
(21 |
) |
|
(20 |
) |
|
(42 |
) |
|
(39 |
) |
||||
Other income (expense), net |
|
(7 |
) |
|
4 |
|
|
(44 |
) |
|
7 |
|
||||
Income before taxes |
|
333 |
|
|
273 |
|
|
652 |
|
|
585 |
|
||||
Provision for income taxes |
|
59 |
|
|
57 |
|
|
95 |
|
|
81 |
|
||||
Net income | $ |
274 |
|
$ |
216 |
|
$ |
557 |
|
$ |
504 |
|
||||
Net income per share: | ||||||||||||||||
Basic | $ |
0.92 |
|
$ |
0.71 |
|
$ |
1.86 |
|
$ |
1.65 |
|
||||
Diluted | $ |
0.91 |
|
$ |
0.70 |
|
$ |
1.84 |
|
$ |
1.64 |
|
||||
Weighted average shares used in computing net income per share: | ||||||||||||||||
Basic |
|
299 |
|
|
304 |
|
|
300 |
|
|
305 |
|
||||
Diluted |
|
301 |
|
|
307 |
|
|
302 |
|
|
308 |
|
||||
The preliminary income statement is estimated based on our current information. | ||||||||||||||||
Page 1 |
CONDENSED CONSOLIDATED BALANCE SHEET | ||||||||
(In millions, except par value and share amounts) | ||||||||
(Unaudited) | ||||||||
PRELIMINARY | ||||||||
|
|
|||||||
2022 |
2021 |
|||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ |
1,186 |
|
$ |
1,484 |
|
||
Short-term investments |
|
21 |
|
|
91 |
|
||
Accounts receivable, net |
|
1,237 |
|
|
1,172 |
|
||
Inventory |
|
937 |
|
|
830 |
|
||
Other current assets |
|
262 |
|
|
222 |
|
||
Total current assets |
|
3,643 |
|
|
3,799 |
|
||
Property, plant and equipment, net |
|
1,010 |
|
|
945 |
|
||
|
4,854 |
|
|
4,956 |
|
|||
Long-term investments |
|
190 |
|
|
185 |
|
||
Other assets |
|
758 |
|
|
820 |
|
||
Total assets | $ |
10,455 |
|
$ |
10,705 |
|
||
LIABILITIES AND EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ |
503 |
|
$ |
446 |
|
||
Employee compensation and benefits |
|
347 |
|
|
493 |
|
||
Deferred revenue |
|
511 |
|
|
441 |
|
||
Short-term debt |
|
175 |
|
|
— |
|
||
Other accrued liabilities |
|
277 |
|
|
328 |
|
||
Total current liabilities |
|
1,813 |
|
|
1,708 |
|
||
Long-term debt |
|
2,730 |
|
|
2,729 |
|
||
Retirement and post-retirement benefits |
|
187 |
|
|
220 |
|
||
Other long-term liabilities |
|
603 |
|
|
659 |
|
||
Total liabilities |
|
5,333 |
|
|
5,316 |
|
||
Total Equity: | ||||||||
Stockholders' equity: | ||||||||
Preferred stock; |
|
— |
|
|
— |
|
||
Common stock; |
|
3 |
|
|
3 |
|
||
Additional paid-in-capital |
|
5,292 |
|
|
5,320 |
|
||
Retained earnings |
|
160 |
|
|
348 |
|
||
Accumulated other comprehensive loss |
|
(333 |
) |
|
(282 |
) |
||
Total stockholders' equity |
|
5,122 |
|
|
5,389 |
|
||
Total liabilities and stockholders' equity | $ |
10,455 |
|
$ |
10,705 |
|
||
The preliminary balance sheet is estimated based on our current information. | ||||||||
Page 2 |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||
(In millions) | ||||||||
(Unaudited) | ||||||||
PRELIMINARY | ||||||||
Six Months Ended |
||||||||
|
|
|||||||
2022 |
2021 |
|||||||
Cash flows from operating activities: | ||||||||
Net income | $ |
557 |
|
$ |
504 |
|
||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization |
|
164 |
|
|
153 |
|
||
Share-based compensation |
|
71 |
|
|
66 |
|
||
Excess and obsolete inventory related charges |
|
10 |
|
|
14 |
|
||
Loss on extinguishment of debt |
|
— |
|
|
17 |
|
||
Asset impairment charges |
|
— |
|
|
2 |
|
||
Net loss (gain) on equity securities |
|
62 |
|
|
(15 |
) |
||
Change in fair value of contingent consideration |
|
(25 |
) |
|
— |
|
||
Other non-cash expenses, net |
|
9 |
|
|
2 |
|
||
Changes in assets and liabilities: | ||||||||
Accounts receivable, net |
|
(108 |
) |
|
(17 |
) |
||
Inventory |
|
(124 |
) |
|
(80 |
) |
||
Accounts payable |
|
54 |
|
|
51 |
|
||
Employee compensation and benefits |
|
(144 |
) |
|
(3 |
) |
||
Other assets and liabilities |
|
12 |
|
|
16 |
|
||
Net cash provided by operating activities (a) |
|
538 |
|
|
710 |
|
||
Cash flows from investing activities: | ||||||||
Investments in property, plant and equipment |
|
(139 |
) |
|
(72 |
) |
||
Acquisition of businesses and intangible assets, net of cash acquired |
|
(18 |
) |
|
(547 |
) |
||
Payment to acquire equity securities |
|
(3 |
) |
|
(8 |
) |
||
Proceeds from sale of equity securities |
|
6 |
|
|
— |
|
||
Payment in exchange for convertible note |
|
(1 |
) |
|
(2 |
) |
||
Net cash used in investing activities |
|
(155 |
) |
|
(629 |
) |
||
Cash flows from financing activities: | ||||||||
Issuance of common stock under employee stock plans |
|
27 |
|
|
26 |
|
||
Payment of taxes related to net share settlement of equity awards |
|
(64 |
) |
|
(73 |
) |
||
Issuance of senior notes |
|
— |
|
|
848 |
|
||
Debt issuance costs |
|
— |
|
|
(7 |
) |
||
Payment of dividends |
|
(126 |
) |
|
(118 |
) |
||
Repayment of senior notes |
|
— |
|
|
(417 |
) |
||
Proceeds from commercial paper |
|
575 |
|
|
1,232 |
|
||
Repayment of commercial paper |
|
(400 |
) |
|
(1,102 |
) |
||
|
(681 |
) |
|
(539 |
) |
|||
Net cash used in financing activities |
|
(669 |
) |
|
(150 |
) |
||
Effect of exchange rate movements |
|
(16 |
) |
|
9 |
|
||
Net decrease in cash, cash equivalents and restricted cash |
|
(302 |
) |
|
(60 |
) |
||
Cash, cash equivalents and restricted cash at beginning of period |
|
1,490 |
|
|
1,447 |
|
||
Cash, cash equivalents and restricted cash at end of period | $ |
1,188 |
|
$ |
1,387 |
|
||
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheet: | ||||||||
Cash and cash equivalents | $ |
1,186 |
|
$ |
1,380 |
|
||
Restricted cash, included in other assets |
|
2 |
|
|
7 |
|
||
Total cash, cash equivalents and restricted cash | $ |
1,188 |
|
$ |
1,387 |
|
||
(a) Cash payments included in operating activities: | ||||||||
Income tax payments, net | $ |
134 |
|
$ |
116 |
|
||
Interest payments | $ |
40 |
|
$ |
36 |
|
||
The preliminary cash flow is estimated based on our current information. | ||||||||
Page 3 |
NON-GAAP NET INCOME AND DILUTED EPS RECONCILIATIONS | ||||||||||||||||||||||||||||||||
(In millions, except per share amounts) | ||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||
PRELIMINARY | ||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
2022 |
Diluted EPS |
2021 |
Diluted EPS |
2022 |
Diluted EPS |
2021 |
Diluted EPS |
|||||||||||||||||||||||||
GAAP net income | $ |
274 |
|
$ |
0.91 |
|
$ |
216 |
|
$ |
0.70 |
|
$ |
557 |
|
$ |
1.84 |
|
$ |
504 |
|
$ |
1.64 |
|
||||||||
Non-GAAP adjustments: | ||||||||||||||||||||||||||||||||
Asset impairments |
|
— |
|
|
— |
|
|
2 |
|
|
0.01 |
|
|
— |
|
|
— |
|
|
2 |
|
|
0.01 |
|
||||||||
Intangible amortization |
|
50 |
|
|
0.17 |
|
|
46 |
|
|
0.15 |
|
|
101 |
|
|
0.34 |
|
|
90 |
|
|
0.29 |
|
||||||||
Transformational initiatives |
|
9 |
|
|
0.03 |
|
|
9 |
|
|
0.03 |
|
|
13 |
|
|
0.04 |
|
|
20 |
|
|
0.06 |
|
||||||||
Acquisition and integration costs |
|
8 |
|
|
0.03 |
|
|
13 |
|
|
0.04 |
|
|
15 |
|
|
0.05 |
|
|
22 |
|
|
0.07 |
|
||||||||
Change in fair value of contingent consideration |
|
(28 |
) |
|
(0.09 |
) |
|
— |
|
|
— |
|
|
(25 |
) |
|
(0.08 |
) |
|
— |
|
|
— |
|
||||||||
Loss on extinguishment of debt |
|
— |
|
|
— |
|
|
12 |
|
|
0.04 |
|
|
— |
|
|
— |
|
|
17 |
|
|
0.06 |
|
||||||||
Business exit and divestiture costs |
|
7 |
|
|
0.02 |
|
|
3 |
|
|
0.01 |
|
|
7 |
|
|
0.02 |
|
|
4 |
|
|
0.01 |
|
||||||||
Net loss (gain) on equity securities |
|
16 |
|
|
0.05 |
|
|
(11 |
) |
|
(0.04 |
) |
|
61 |
|
|
0.20 |
|
|
(11 |
) |
|
(0.04 |
) |
||||||||
Other |
|
— |
|
|
— |
|
|
3 |
|
|
0.01 |
|
|
— |
|
|
— |
|
|
6 |
|
|
0.02 |
|
||||||||
Adjustment for taxes (a) |
|
4 |
|
|
0.01 |
|
|
6 |
|
|
0.02 |
|
|
(21 |
) |
|
(0.07 |
) |
|
(27 |
) |
|
(0.09 |
) |
||||||||
Non-GAAP net income | $ |
340 |
|
$ |
1.13 |
|
$ |
299 |
|
$ |
0.97 |
|
$ |
708 |
|
$ |
2.34 |
|
$ |
627 |
|
$ |
2.03 |
|
(a) The adjustment for taxes excludes tax benefits that management believes are not directly related to on-going operations and which are either isolated or cannot be expected to occur again with any regularity or predictability. For the three months ended |
|||||||||||||
We provide non-GAAP net income and non-GAAP net income per share amounts in order to provide meaningful supplemental information regarding our operational performance and our prospects for the future. These supplemental measures exclude, among other things, charges related to asset impairments, amortization of intangibles, transformational initiatives, acquisition and integration costs, change in fair value of contingent consideration, loss on extinguishment of debt, business exit and divestiture costs and net loss (gain) on equity securities. | |||||||||||||
Asset impairments include assets that have been written down to their fair value. | |||||||||||||
Transformational initiatives include expenses associated with targeted cost reduction activities such as manufacturing transfers including costs to move manufacturing, small site consolidations, legal entity and other business reorganizations, insourcing or outsourcing of activities. Such costs may include move and relocation costs, one-time termination benefits and other one-time reorganization costs. Included in this category are also expenses associated with company programs to transform our product lifecycle management (PLM) system, human resources and financial systems. | |||||||||||||
Acquisition and integration costs include all incremental expenses incurred to effect a business combination. Such acquisition costs may include advisory, legal, accounting, valuation, and other professional or consulting fees. Such integration costs may include expenses directly related to integration of business and facility operations, the transfer of assets and intellectual property, information technology systems and infrastructure and other employee-related costs. | |||||||||||||
Change in fair value of contingent consideration represents changes in the fair value estimate of acquisition-related contingent consideration. | |||||||||||||
Loss on extinguishment of debt relates to the net loss recorded on the redemption of the remaining |
|||||||||||||
Business exit and divestiture costs include costs associated with business divestitures. | |||||||||||||
Net loss (gain) on equity securities relates to the realized and unrealized mark-to-market adjustments for our marketable and non-marketable equity securities. | |||||||||||||
Other includes certain legal costs and settlements, special compliance costs and acceleration of share-based compensation expense in addition to other miscellaneous adjustments. | |||||||||||||
Our management uses non-GAAP measures to evaluate the performance of our core businesses, to estimate future core performance and to compensate employees. Since management finds this measure to be useful, we believe that our investors benefit from seeing our results “through the eyes” of management in addition to seeing our GAAP results. This information facilitates our management’s internal comparisons to our historical operating results as well as to the operating results of our competitors. | |||||||||||||
Our management recognizes that items such as amortization of intangibles can have a material impact on our cash flows and/or our net income. Our GAAP financial statements including our statement of cash flows portray those effects. Although we believe it is useful for investors to see core performance free of special items, investors should understand that the excluded items are actual expenses that may impact the cash available to us for other uses. To gain a complete picture of all effects on the company’s profit and loss from any and all events, management does (and investors should) rely upon the GAAP income statement. The non-GAAP numbers focus instead upon the core business of the company, which is only a subset, albeit a critical one, of the company’s performance. | |||||||||||||
Readers are reminded that non-GAAP numbers are merely a supplement to, and not a replacement for, GAAP financial measures. They should be read in conjunction with the GAAP financial measures. It should be noted as well that our non-GAAP information may be different from the non-GAAP information provided by other companies. | |||||||||||||
The preliminary non-GAAP net income and diluted EPS reconciliation is estimated based on our current information. | |||||||||||||
Page 4 |
SEGMENT INFORMATION | ||||||||
(In millions, except where noted) | ||||||||
(Unaudited) | ||||||||
PRELIMINARY | ||||||||
Quarter-over-Quarter | ||||||||
Q2'22 | Q2'21 | |||||||
Revenue | $ |
896 |
|
$ |
881 |
|
||
Gross Margin, % |
|
59.0 |
% |
|
59.9 |
% |
||
Income from Operations | $ |
228 |
|
$ |
226 |
|
||
Operating margin, % |
|
25.5 |
% |
|
25.7 |
% |
||
Diagnostics and |
||||||||
Q2'22 | Q2'21 | |||||||
Revenue | $ |
358 |
|
$ |
315 |
|
||
Gross Margin, % |
|
56.0 |
% |
|
53.4 |
% |
||
Income from Operations | $ |
91 |
|
$ |
69 |
|
||
Operating margin, % |
|
25.5 |
% |
|
21.9 |
% |
||
Q2'22 | Q2'21 | |||||||
Revenue | $ |
353 |
|
$ |
329 |
|
||
Gross Margin, % |
|
47.1 |
% |
|
45.3 |
% |
||
Income from Operations | $ |
87 |
|
$ |
69 |
|
||
Operating margin, % |
|
24.6 |
% |
|
21.0 |
% |
Income from operations reflect the results of our reportable segments under Agilent's management reporting system which are not necessarily in conformity with GAAP financial measures. Income from operations of our reporting segments exclude, among other things, charges related to asset impairments, amortization of intangibles, transformational initiatives, acquisition and integration costs, change in fair value of contingent consideration and business exit and divestiture costs. | ||||
Readers are reminded that non-GAAP numbers are merely a supplement to, and not a replacement for, GAAP financial measures. They should be read in conjunction with the GAAP financial measures. It should be noted as well that our non-GAAP information may be different from the non-GAAP information provided by other companies. | ||||
The preliminary segment information is estimated based on our current information. | ||||
Page 5 |
RECONCILIATIONS OF REVENUE BY SEGMENT | ||||||||||||||
EXCLUDING ACQUISITIONS, DIVESTITURES AND THE IMPACT OF CURRENCY ADJUSTMENTS (CORE) | ||||||||||||||
(in millions) | ||||||||||||||
(Unaudited) | ||||||||||||||
PRELIMINARY | ||||||||||||||
Year-over-Year | ||||||||||||||
GAAP | ||||||||||||||
Year-over-Year | ||||||||||||||
GAAP Revenue by Segment | Q2'22 | Q2'21 | % Change | |||||||||||
$ |
896 |
$ |
881 |
2 |
% |
|||||||||
Diagnostics and |
|
358 |
|
315 |
14 |
% |
||||||||
|
353 |
|
329 |
7 |
% |
|||||||||
Agilent | $ |
1,607 |
$ |
1,525 |
5 |
% |
||||||||
Non-GAAP (excluding Acquisitions & Divestitures) |
Year-over-Year at Constant Currency (a) |
|||||||||||||
Year-over-Year | Year-over-Year | Impact from Currency |
Currency Impact (b) |
|||||||||||
Non GAAP Revenue by Segment | Q2'22 | Q2'21 | % Change | % Change | ||||||||||
$ |
896 |
$ |
881 |
2 |
% |
4 |
% |
-2 ppts | $ |
(16 |
) |
|||
Diagnostics and |
|
355 |
|
315 |
13 |
% |
15 |
% |
-2 ppts |
|
(8 |
) |
||
|
353 |
|
329 |
7 |
% |
10 |
% |
-3 ppts |
|
(8 |
) |
|||
Agilent (Core) | $ |
1,604 |
$ |
1,525 |
5 |
% |
7 |
% |
-2 ppts | $ |
(32 |
) |
We compare the year-over-year change in revenue excluding the effect of recent acquisitions and divestitures and foreign currency rate fluctuations to assess the performance of our underlying business. | ||||||||
(a) The constant currency year-over-year growth percentage is calculated by recalculating all periods in the comparison period at the foreign currency exchange rates used for accounting during the last month of the current quarter and then using those revised values to calculate the year-over-year percentage change. | ||||||||
(b) The dollar impact from the current quarter currency impact is equal to the total year-over-year dollar change less the constant currency year-over-year change. | ||||||||
The preliminary reconciliation of GAAP revenue adjusted for recent acquisitions and divestitures and impact of currency is estimated based on our current information. | ||||||||
Page 6 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220524006053/en/
Investor Contact:
+1 408-345-8948
parmeet_ahuja@agilent.com
Media Contact:
+1 408-553-2914
tom.beermann@agilent.com
Source:
FAQ
What were Agilent's Q2 2022 revenue results?
What is Agilent's EPS for Q2 2022?
What is Agilent's updated full-year revenue guidance?