Agilent Technologies Reports Fourth Quarter 2010 Results

Highlights:

  • GAAP net income of $232 million, or $0.66 per share
  • Non-GAAP net income of $228 million, or $0.65 per share(1)
  • Orders of $1.69 billion, up 32 percent from last year, revenues of $1.58 billion, up 35 percent from one year ago
  • Operating cash flow of $367 million in the quarter
  • Varian integration on track to meet targeted revenue and cost synergies
  • First quarter fiscal year 2011 revenue guidance of $1.53 billion to $1.55 billion. First quarter fiscal year 2011 non-GAAP earnings guidance of $0.55 to $0.57 per share(3) compares to $0.38 per share(1) one year ago
  • Fiscal year 2011 revenue guidance of $6.1 billion to $6.3 billion. Fiscal year 2011 non-GAAP earnings guidance of $2.30 to $2.50 per share(3)

SANTA CLARA, Calif. — (BUSINESS WIRE) — November 12, 2010 — Agilent Technologies Inc. (NYSE: A) today reported revenues of $1.58 billion for the fourth fiscal quarter ended Oct. 31, 2010, 35 percent above one year ago, or 26 percent excluding the effects of the Varian acquisition and recent divestitures(2). Fourth-quarter GAAP net income was $232 million, or $0.66 per diluted share. Last year’s fourth-quarter GAAP net income was $25 million, or $0.07 per share.

During the fourth quarter, Agilent had Varian-related integration costs of $43 million, intangible amortization of $30 million and restructuring charges of $18 million. It also recognized a tax benefit of $42 million and a $54 million gain from the closure of pre-Agilent spin-off income tax audits. Excluding these items and $1 million of other net charges, Agilent reported fourth-quarter adjusted net income of $228 million, or $0.65 per share(1).

Bill Sullivan, Agilent president and CEO, said, “This past quarter marked the completion of Agilent’s transformation, a milestone in our company’s history. We saw continued organic growth performance and strength across all Agilent platforms and regions. I am pleased to report that the Varian integration continues to go very smoothly.”

Chemical Analysis revenues were up 73 percent above one year ago, or 17 percent on an organic basis. Growth continued to be strong across Agilent’s applied markets. Environmental, petrochemical, food and forensics markets all reflected double-digit organic growth.

Life Sciences revenues grew 35 percent over last year, or 17 percent on an organic basis. Double-digit organic growth was seen across academia and government markets, as well as from pharmaceutical and biotech customers.

Electronic Measurement revenues were up 23 percent over a year ago, or 35 percent excluding the effects of the Network Solutions divestiture. All of Agilent’s electronic measurement end markets - communications, aerospace and defense, industrial, computers and semiconductor - posted strong double-digit organic growth in the quarter.

Fourth-quarter ROIC was 24 percent(4), compared with 18 percent(4) one year ago. Inventory Days on Hand decreased by five days to 92 days. Receivables Days Sales Outstanding, at 49, grew three days compared with a year ago, due to the Varian acquisition. Agilent generated $367 million of cash from operations during the fourth quarter. Net cash at the end of the fourth quarter was $598 million(5).

Looking ahead, Sullivan said, “Our business outlook for 2011 remains strong. We are starting the new fiscal year with an industry-leading product portfolio and expect to continue the momentum with strong organic growth and great market opportunities created by the Varian product portfolio.”

Fiscal first-quarter 2011 revenues are expected to be in the range of $1.53 billion to $1.55 billion. Fiscal first-quarter non-GAAP earnings are expected to be in the range of $0.55 to $0.57 per share(3).

For the full fiscal year 2011, Agilent expects revenues of $6.1 billion to $6.3 billion. Non-GAAP earnings are expected to be in the range of $2.30 to $2.50 per share(3).

About Agilent Technologies

Agilent Technologies Inc. (NYSE: A) is the world’s premier measurement company and a technology leader in chemical analysis, life sciences, electronics and communications. The company’s 18,500 employees serve customers in more than 100 countries. Agilent had net revenues of $5.4 billion in fiscal 2010. Information about Agilent is available on the Web at www.agilent.com.

Agilent’s management will present more details about its fourth-quarter FY2010 financial results on a conference call with investors today at 5:30 a.m. (Pacific). This event will be webcast live in listen-only mode. Listeners may log on at www.investor.agilent.com and select “Q4 2010 Agilent Technologies Inc. Earnings Conference Call” in the “News & Events -- Calendar of Events” section. The webcast will remain available on the company’s website for 90 days.

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