Agilent Reports Second-Quarter Fiscal Year 2024 Financial Results

Rhea-AI Summary

Agilent Technologies reported second-quarter fiscal year 2024 revenue of $1.57 billion, an 8.4% decrease from the previous year. GAAP net income was $308 million, or $1.05 per share, a 3% increase from the prior year. Non-GAAP net income fell by 4% to $356 million, or $1.22 per share. The company revised its full-year revenue outlook to $6.420-$6.500 billion and non-GAAP EPS to $5.15-$5.25. For Q3, revenue is projected at $1.535-$1.575 billion with non-GAAP EPS of $1.25-$1.28. Agilent also announced a $750 million share repurchase by year-end and a new $2 billion repurchase program.

Positive

• GAAP net income increased by 3% to $308 million.
• Earnings per share (EPS) rose to $1.05 from $1.02.
• Agilent plans to repurchase $0.75 billion in common stock by fiscal year-end.
• A new $2 billion share repurchase program was authorized.
• Agilent CrossLab Group reported a 4% revenue increase and 30.5% operating margin.

Negative

• Revenue declined by 8.4% year-over-year to $1.57 billion.
• Non-GAAP net income decreased by 4% to $356 million.
• Full-year revenue outlook revised down to $6.420-$6.500 billion, a 4.9% to 6.0% decrease.
• Non-GAAP EPS guidance for the fiscal year revised to $5.15-$5.25, indicating a weaker outlook.
• Life Sciences and Applied Markets Group revenue fell by 14%.
• Diagnostics and Genomics Group revenue decreased by 9%.

Insights

Financial Analyst

Agilent's second-quarter financial results reflect a challenging environment with notable declines in revenue. The reported revenue of $1.57 billion marks an 8.4% decrease compared to the prior year. This decline is important as it signals headwinds in key segments like the Life Sciences and Applied Markets Group, which reported a 14% decrease. Despite these challenges, GAAP net income increased by 3% to $308 million and earnings per share (EPS) rose to $1.05. These figures suggest improved cost management or non-operational gains, such as tax benefits or cost-cutting measures.

The revised full-year revenue outlook of $6.42 billion to $6.50 billion represents a decrease of 6.0% to 4.9% on a reported basis. The downward revision indicates a slower-than-expected market recovery. Retail investors should note that the company's decision to repurchase $0.75 billion in common stock and an additional $2.0 billion authorized for share repurchases could be a strategy to support the stock price amid softer earnings. This move often signals management's confidence in the company's long-term prospects but also reflects a lack of lucrative reinvestment opportunities in the short term.

For the third quarter, the anticipated revenue of $1.535 billion to $1.575 billion and non-GAAP EPS of $1.25 to $1.28 imply continued pressure on top-line growth but a stable earnings outlook. Investors should monitor how well Agilent navigates these market conditions and its effectiveness in capturing emerging opportunities as markets recover.

Market Research Analyst

Agilent's financial performance reveals significant insights into market dynamics and competitive positioning. The 8.4% revenue decline, contrasted by a modest increase in GAAP net income, highlights a strategic pivot to optimize profitability despite top-line pressures. The Life Sciences and Applied Markets Group's 14% revenue decline is particularly impactful, indicating potential disruptions or increased competition within these high-stakes sectors. Meanwhile, the Agilent CrossLab Group's 4% revenue increase suggests resilient demand for lab services and consumables, a trend worth noting for its potential sustainability amidst broader market volatility.

Moreover, the substantial share repurchase program, totaling $2.75 billion, is a critical signal to investors. It underscores management's confidence in the intrinsic value of Agilent's stock and could mitigate downside risks by reducing share count and boosting EPS. However, the long-term benefits versus the opportunity cost of not investing this capital into growth initiatives should be scrutinized.

Investors should also consider the revised fiscal year revenue outlook of $6.42 billion to $6.50 billion, which implies a cautious stance on market recovery. The company's ability to adapt to slower-than-expected market conditions and leverage its diversified portfolio will be paramount in sustaining investor confidence.

Full-year outlook revised to reflect slower market recovery

Announces plan to repurchase $0.75 billion of its common stock by end of fiscal year

Board of directors authorizes new $2.0 billion share repurchase program

Highlights

• Revenue of $1.57 billion, down 8.4% reported and 7.4% core⁽¹⁾ from the second quarter of 2023.
• GAAP net income of $308 million; earnings per share (EPS) of $1.05, up 3% from the second quarter of 2023.
• Non-GAAP⁽²⁾ net income of $356 million; EPS of $1.22, down 4% from the second quarter of 2023.
• Full-year revenue outlook revised at $6.420 billion to $6.500 billion, representing a range of down 6.0% to 4.9% on a reported basis and down 5.4% to 4.3% core⁽¹⁾. Fiscal year 2024 non-GAAP⁽³⁾ earnings guidance also revised at a range of $5.15 to $5.25 per share.
• Third-quarter revenue outlook expected at $1.535 billion to $1.575 billion with non-GAAP⁽³⁾ EPS of $1.25 to $1.28.
• The company plans to repurchase $0.75 billion of its common stock by the end of the fiscal year, and the board recently authorized a new $2.0 billion share repurchase program.

SANTA CLARA, Calif.--(BUSINESS WIRE)--

Agilent Technologies Inc. (NYSE: A) today reported revenue of $1.57 billion for the second quarter ended April 30, 2024, a decline of 8.4% reported and 7.4% core⁽¹⁾ compared to the second quarter of 2023.

Second-quarter GAAP net income was $308 million, or $1.05 per share. This compares with $302 million, or $1.02 per share, in the second quarter of fiscal year 2023. Non-GAAP⁽²⁾ net income was $356 million, or $1.22 per share during the quarter, compared with $377 million or $1.27 per share during the second quarter a year ago.

“In Q2, we delivered on our expectations and showed the resiliency of our diversified business. While we see the market improving, it is improving at a slower pace than anticipated,” said Padraig McDonnell, Agilent president and CEO. “We are taking decisive action to streamline our cost structure and capture incremental opportunities in the markets as they recover. I’m confident about the future and extremely excited about the opportunities that lie ahead for Agilent.”

Financial Highlights

In the first quarter of 2024, 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.

Life Sciences and Applied Markets Group

Agilent’s Life Sciences and Applied Markets Group (LSAG) reported second-quarter revenue of $754 million, a decline of 14% reported and 13% core⁽¹⁾ year-over-year. LSAG’s operating margin for the quarter was 24.7%.

Agilent CrossLab Group

The Agilent CrossLab Group (ACG) reported second-quarter revenue of $402 million, an increase of 4% reported and 5% core⁽¹⁾ year-over-year. ACG’s operating margin for the quarter was 30.5%.

Diagnostics and Genomics Group

The Diagnostics and Genomics Group (DGG) reported second-quarter revenue of $417 million, a decrease of 9% reported and 8% core⁽¹⁾ year-over-year. DGG’s operating margin for the quarter was 20.5%.

Full Year 2024 and Third-Quarter Outlook

Full-year revenue outlook is revised at $6.420 billion to $6.500 billion, representing a range of down 6.0% to 4.9% on a reported basis and down 5.4% to 4.3% core⁽¹⁾. Fiscal year 2024 non-GAAP⁽³⁾ earnings guidance is revised at a range of $5.15 to $5.25 per share.

The outlook for third-quarter revenue is expected in the range of $1.535 billion to $1.575 billion, a decline of 8.2% to 5.8% reported and 6.9% to 4.5% core⁽¹⁾. Third-quarter non-GAAP⁽³⁾ earnings guidance is expected in the range of $1.25 to $1.28 per share.

The outlook is based on forecasted currency exchange rates.

Conference Call

Agilent’s management will present additional details regarding the company’s second-quarter 2024 financial results on a conference call with investors today at 1:30 p.m. PDT. This event will be broadcast live online in listen-only mode. To listen to the webcast, select the “Q2 2024 Agilent Technologies Inc. Earnings Conference Call” link on the Agilent Investor Relations website. The webcast will remain on the company site for 90 days.

About Agilent Technologies

Agilent Technologies Inc. (NYSE: A) is a global leader in analytical and clinical laboratory technologies, delivering insights and innovation that help our customers bring great science to life. Agilent’s full range of solutions includes instruments, software, services, and expertise that provide trusted answers to our customers' most challenging questions. The company generated revenue of $6.83 billion in fiscal 2023 and employs approximately 18,000 people worldwide. Information about Agilent is available at www.agilent.com. To receive the latest Agilent news, subscribe to the Agilent Newsroom. Follow Agilent on LinkedIn and Facebook.

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, non-GAAP earnings guidance for Q3 and fiscal year 2024, share repurchase program, 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; and other risks detailed in Agilent’s filings with the Securities and Exchange Commission, including its quarterly report on Form 10-Q for the fiscal quarter ended January 31, 2024. Forward-looking statements are based on the beliefs and assumptions of Agilent’s management and on currently available information. Agilent undertakes no responsibility to publicly update or revise any forward-looking statement.

(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 2024 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 2024 and full fiscal year 2024 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 restructuring and other related costs, intangibles amortization, transformational initiatives, acquisition and integration costs and net (gain) loss 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 2024 and full fiscal year 2024 exclude primarily the estimated 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 $25 million per quarter.

AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In millions, except per share data)
(Unaudited)
PRELIMINARY
	Three Months Ended								Six Months Ended
	April 30,								April 30,
	2024				2023				2024				2023
Net revenue	$	1,573			$	1,717			$	3,231			$	3,473
Costs and expenses:
Cost of products and services		717				793				1,467				1,581
Research and development		113				126				241				249
Selling, general and administrative		380				415				776				834
Total costs and expenses		1,210				1,334				2,484				2,664
Income from operations		363				383				747				809
Interest income		19				12				37				21
Interest expense		(20	)			(24	)			(42	)			(49	)
Other income (expense), net		12				6				35				6
Income before taxes		374				377				777				787
Provision for income taxes		66				75				121				133
Net income	$	308			$	302			$	656			$	654
Net income per share:
Basic	$	1.05			$	1.02			$	2.24			$	2.21
Diluted	$	1.05			$	1.02			$	2.23			$	2.20
Weighted average shares used in computing net income per share:
Basic		293				296				293				296
Diluted		293				297				294				297
The preliminary income statement is estimated based on our current information.
Page 1

AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(In millions, except par value and share data)
(Unaudited)
PRELIMINARY
		April 30,				October 31,
		2024				2023
ASSETS
Current assets:
Cash and cash equivalents		$	1,671			$	1,590
Accounts receivable, net			1,249				1,291
Inventory			1,000				1,031
Other current assets			283				274
Total current assets			4,203				4,186
Property, plant and equipment, net			1,371				1,270
Goodwill			3,963				3,960
Other intangible assets, net			417				475
Long-term investments			177				164
Other assets			725				708
Total assets		$	10,856			$	10,763
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	461			$	418
Employee compensation and benefits			326				371
Deferred revenue			533				505
Short-term debt			420				—
Other accrued liabilities			218				309
Total current liabilities			1,958				1,603
Long-term debt			2,136				2,735
Retirement and post-retirement benefits			99				103
Other long-term liabilities			449				477
Total liabilities			4,642				4,918
Total Equity:
Stockholders' equity:
Preferred stock; $0.01 par value; 125,000,000 shares authorized; none issued and outstanding at April 30, 2024 and October 31, 2023			—				—
Common stock; $0.01 par value, 2,000,000,000 shares authorized; 291,587,707 shares at April 30, 2024 and 292,123,241 shares at October 31, 2023, issued and outstanding			3				3
Additional paid-in-capital			5,458				5,387
Retained earnings			1,090				782
Accumulated other comprehensive loss			(337	)			(327	)
Total stockholders' equity			6,214				5,845
Total liabilities and stockholders' equity		$	10,856			$	10,763
The preliminary balance sheet is estimated based on our current information.
Page 2

AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(In millions)
(Unaudited)
PRELIMINARY
		Six Months Ended
		April 30,				April 30,
		2024				2023
Cash flows from operating activities:
Net income		$	656			$	654
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			125				138
Share-based compensation			75				68
Deferred taxes			(7	)			(1	)
Excess and obsolete inventory related charges			23				15
Net (gain) loss on equity securities			(4	)			14
Asset impairment charges			8				—
Change in fair value of contingent consideration			—				1
Other non-cash (income) expense, net			(4	)			2
Changes in assets and liabilities:
Accounts receivable, net			44				49
Inventory			3				(71	)
Accounts payable			64				(101	)
Employee compensation and benefits			(47	)			(110	)
Other assets and liabilities			(118	)			36
Net cash provided by operating activities (a)			818				694
Cash flows from investing activities:
Payments to acquire property, plant and equipment			(193	)			(133	)
Proceeds from sale of equity securities			—				5
Payments to acquire equity securities			(3	)			(1	)
Proceeds from convertible note			—				4
Payments in exchange for convertible note			(8	)			(5	)
Payments to acquire businesses and intangible assets, net of cash acquired			—				(51	)
Net cash used in investing activities			(204	)			(181	)
Cash flows from financing activities:
Proceeds from issuance of common stock under employee stock plans			43				35
Payment of taxes related to net share settlement of equity awards			(26	)			(52	)
Payments for repurchase of common stock			(230	)			(160	)
Payments of dividends			(138	)			(133	)
Repayments of long-term debt			(180	)			—
Net proceeds from (repayment of) short-term debt			—				(35	)
Payment for contingent consideration			—				(62	)
Net cash used in financing activities			(531	)			(407	)
Effect of exchange rate movements			(2	)			16
Net increase in cash, cash equivalents and restricted cash			81				122
Cash, cash equivalents and restricted cash at beginning of period			1,593				1,056
Cash, cash equivalents and restricted cash at end of period		$	1,674			$	1,178
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheet:
Cash and cash equivalents		$	1,671			$	1,175
Restricted cash, included in other assets			3				3
Total cash, cash equivalents and restricted cash		$	1,674			$	1,178
(a) Cash payments included in operating activities:
Income tax payments, net of refunds received		$	224			$	128
Interest payments, net of capitalized interest		$	40			$	44
The preliminary cash flow is estimated based on our current information.
Page 3

AGILENT TECHNOLOGIES, INC.
NON-GAAP NET INCOME AND DILUTED EPS RECONCILIATIONS
(In millions, except per share data)
(Unaudited)
PRELIMINARY
		Three Months Ended													Six Months Ended
		April 30,													April 30,
		2024							2023						2024							2023
		Net Income				Diluted EPS			Net Income			Diluted EPS			Net Income				Diluted EPS			Net Income			Diluted EPS
GAAP net income		$	308			$	1.05		$	302		$	1.02		$	656			$	2.23		$	654		$	2.20
Non-GAAP adjustments:
Restructuring and other related costs			1				—			—			—			4				0.01			—			—
Asset impairments			—				—			—			—			8				0.03			—			—
Intangible amortization			26				0.09			38			0.12			52				0.18			74			0.25
Transformational initiatives			1				—			5			0.02			4				0.01			12			0.04
Acquisition and integration costs			(1	)			—			5			0.02			1				—			7			0.02
Net (gain) loss on equity securities			(1	)			—			4			0.01			(1	)			—			16			0.06
Change in fair value of contingent consideration			—				—			—			—			—				—			1			—
Other			7				0.02			8			0.03			1				—			11			0.04
Adjustment for taxes (a)			15				0.06			15			0.05			11				0.04			8			0.03
Non-GAAP net income		$	356			$	1.22		$	377		$	1.27		$	736			$	2.50		$	783		$	2.64

(a) The adjustment for taxes excludes tax expense (benefits) that management believes are not directly related to on-going operations and which are either isolated, temporary or cannot be expected to occur again with any regularity or predictability such as the realized gain/loss due to sale of a business, windfall benefits on stock compensation, and the impact of R&D capitalization under section 174 of the Tax Cuts and Jobs Act of 2017. For the three months ended April 30, 2024, management used a non-GAAP effective tax rate of 12.46%. For the six months ended April 30, 2024, management used a non-GAAP effective tax rate of 13.00%. For the three and six months ended April 30, 2023, management used a non-GAAP effective tax rate of 13.75%.

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 restructuring and other related costs, asset impairments, amortization of intangibles, transformational initiatives, acquisition and integration costs, net (gain) loss on equity securities and change in fair value of contingent consideration.

Restructuring and other related costs include incremental expenses incurred in the period associated with restructuring programs, usually aimed at changes in business and/or cost structure. Such costs may include one-time termination benefits, facility-related costs and contract termination fees.

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, 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 and 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, tax, 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.

Net (gain) loss on equity securities relates to the realized and unrealized mark-to-market adjustments for our marketable and non-marketable equity securities.

Change in fair value of contingent consideration represents changes in the fair value estimate of acquisition-related contingent consideration.

Other includes certain legal costs and settlements, special compliance costs, acceleration of stock-based compensation expense and 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

AGILENT TECHNOLOGIES, INC.
SEGMENT INFORMATION
(In millions, except where noted)
(Unaudited)
PRELIMINARY
Quarter-over-Quarter
Life Sciences and Applied Markets Group
		Q2'24				Q2'23
Revenue		$	754			$	874
Gross Margin, %			59.4	%			59.8	%
Income from Operations		$	186			$	244
Operating margin, %			24.7	%			27.9	%
Diagnostics and Genomics Group
		Q2'24				Q2'23
Revenue		$	417			$	456
Gross Margin, %			53.7	%			53.7	%
Income from Operations		$	86			$	93
Operating margin, %			20.5	%			20.5	%
Agilent CrossLab Group
		Q2'24				Q2'23
Revenue		$	402			$	387
Gross Margin, %			50.2	%			47.0	%
Income from Operations		$	123			$	103
Operating margin, %			30.5	%			26.6	%

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 restructuring and other related costs, amortization of intangibles, transformational initiatives and acquisition and integration 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

AGILENT TECHNOLOGIES, INC.
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	Q2'24		Q2'23		% Change
Life Sciences and Applied Markets Group	$	754	$	874	(14%)
Diagnostics and Genomics Group		417		456	(9%)
Agilent CrossLab Group		402		387	4%
Agilent	$	1,573	$	1,717	(8%)
	Non-GAAP (excluding Acquisitions & Divestitures)						Year-over-Year at Constant Currency (a)
					Year-over-Year		Year-over-Year	Percentage Point Impact from Currency		Current Quarter Currency Impact (b)
Non GAAP Revenue by Segment	Q2'24		Q2'23		% Change		% Change
Life Sciences and Applied Markets Group	$	754	$	874	(14%)		(13%)	-1 ppt		$	(8)
Diagnostics and Genomics Group		417		453	(8%)		(8%)	—			(2)
Agilent CrossLab Group		402		387	4%		5%	-1 ppt			(4)
Agilent (Core)	$	1,573	$	1,714	(8%)		(7%)	-1 ppt		$	(14)

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

 

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Investor Contact:

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parmeet_ahuja@agilent.com

Media Contact:

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Source: Agilent Technologies Inc.

FAQ

What was Agilent's revenue for the second quarter of fiscal year 2024?

Agilent reported a second-quarter revenue of $1.57 billion, down 8.4% from the previous year.

How did Agilent's GAAP net income perform in Q2 2024?

GAAP net income increased by 3% to $308 million in Q2 2024.

What is Agilent's revised full-year revenue outlook for 2024?

Agilent revised its full-year revenue outlook to $6.420-$6.500 billion, down 4.9% to 6.0%.

What are the key financial metrics for Agilent's Q3 2024 outlook?

For Q3 2024, Agilent expects revenue of $1.535-$1.575 billion and non-GAAP EPS of $1.25-$1.28.

How much stock does Agilent plan to repurchase by the end of the fiscal year?

Agilent plans to repurchase $0.75 billion of its common stock by the end of the fiscal year.

What was the revenue performance of Agilent's Life Sciences and Applied Markets Group in Q2 2024?

The Life Sciences and Applied Markets Group reported a 14% decline in revenue for Q2 2024.

How did the Agilent CrossLab Group perform in the second quarter of 2024?

The Agilent CrossLab Group reported a 4% increase in revenue and an operating margin of 30.5% in Q2 2024.

What are the non-GAAP EPS estimates for Agilent for the full fiscal year 2024?

Agilent's non-GAAP EPS guidance for the full fiscal year 2024 is revised to $5.15-$5.25 per share.

What decline did Agilent see in its Diagnostics and Genomics Group revenue for Q2 2024?

The Diagnostics and Genomics Group saw a 9% decrease in revenue for Q2 2024.