Agilent Technologies said net revenue for the three and six months ended April 30, 2024 decreased 8% and 7%, respectively, to $1,573 million and $3,231 million from the same periods last year. The company said revenue from its Agilent CrossLab segment increased, while its life sciences and applied markets and diagnostics and genomics segments declined.

1. 01

   Agilent Technologies said net revenue for the three and six months ended April 30, 2024 decreased 8% and 7%, respectively, to $1,573 million and $3,231 million from the same periods last year. The company said revenue from its Agilent CrossLab segment increased, while its life sciences and applied markets and diagnostics and genomics segments declined.

2. 02

   The company said net income for the three and six months ended April 30, 2024 was $308 million and $656 million, respectively. It said cash provided by operating activities for the six months was $818 million, compared with $694 million in the same period last year.

3. 03

   Agilent said it repurchased and retired 1.594 million shares for $230 million (excluding excise taxes of $1.0 million) under the 2023 repurchase program during the three and six months ended April 30, 2024. As of the same date, remaining authorization was approximately $1.294 billion. The company also said it announced approval of a new 2024 repurchase program of $2.0 billion on May 29, 2024.

4. 04

   Agilent said it recorded restructuring costs under the FY23 Plan of approximately $1 million and $4 million in the three and six months ended April 30, 2024, respectively, and approximately $50 million cumulatively since the plan began. The company said it announced on May 29, 2024 a new FY24 Plan involving a reduction of approximately 500 employees and estimated costs of approximately $55 million.

Key figures

Quarter ended April 30, 2024

Revenue

$1.6B

Operating income

$363M

Net income

$308M

EPS

$1.05

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

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Original filing

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