Agilent Technologies Reports Fourth Quarter 2009 Results

Fourth quarter Electronic Measurement orders of $641 million were 18 percent below last year and were up a more than seasonal 18 percent sequentially from Q3. Reflecting earlier orders weakness, revenues of $582 million were 29 percent below one year ago. General Purpose markets showed clear signs of bottoming while Communications remained very weak. Geographically, Europe declined 31 percent, Japan was off 38 percent, other Asia dropped 24 percent and the Americas were 28 percent below last year.

General Purpose revenues of $373 million were down 17 percent from last year but were up 15 percent from Q3. Aerospace / defense held up best, unchanged compared to one year ago. Other general purpose markets were off 27 percent from last year due to continued weakness in electronics manufacturing and computer / semiconductor markets. Communications revenues of $209 million were down 43 percent from one year ago, with only investments in LTE, network monitoring, and China 3G infrastructure showing signs of stabilization.

Fourth quarter segment profit of $41 million was $95 million below last year on a $233 million decline in revenues – an impressive 41 percent decremental resulting from rapid actions to reduce structural costs in this severe downturn. Gross margins fell by less than 2 points from last year due to lower volume, while operating expenses were $50 million below last year. Operating margins fell 10 points to 7 percent. Segment ROIC(2) fell 22 points to 12 percent, driven by lower profitability and despite $209 million lower invested capital.

Semiconductor & Board Test            
($ millions except where noted)

Q4:F09

Q3:F09

Q4:F08

Orders 43 36 57
Revenues 41 37 72
Gross Margin, % 46% 33% 46%
Income from Operations (1) (10) 0
Segment Assets 355 366 387
Return On Invested Capital (2) , % (1%) (9%) 2%
 

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