Agilent Technologies Inc.
reported a 22% drop in quarterly earnings due to higher costs and expenses. Further, the bio- analytical and electronic measurement services provider guided second quarter below consensus, sending its shares down 7.81% in aftermarket.
Earnings for the first quarter were $179 million or $0.51 per share, down from $230 million or $0.65 per share in the previous year quarter. Adjusted earnings per share (EPS) fell to $0.63 from $0.69.
Net revenue rose 3% to $1.68 billion. Orders increased 5% to $1.71 billion.
Analysts, on average, polled by Thomson Reuters had expected a profit of $0.67 per share on revenue of $1.69 billion for the first quarter.
Revenue from life sciences increased 1.5% to $401 million as pharma saw modest growth and academic/government markets were flat, while chemical analysis revenue declined 0.5% to $394 million driven by soft environmental markets.
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Electronic measurement revenue fell 7.2% to $722 million due to an anticipated decrease in the communications market, while diagnostics and genomics revenue grew to $163 million from $66 million.
Looking ahead into the second quarter, the company expects adjusted EPS of $0.64 to $0.70 and revenue of $1.74 billion to $1.77 billion, while Street predicts EPS of $0.74 on revenue of $1.79 billion.
For the fiscal 2013, the company lowered its adjusted EPS guidance to range of $2.70 to $3.00 from previous forecast of $2.80 to $3.10. Agilent also cut its revenue outlook to range of $6.9 billion to $7.1 billion from previous estimate of $7.0 billion to $7.2 billion. Street analysts predict EPS of $3.05 on revenue of $7.12 billion.
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A closed Thursday's regular session down 0.38% at $44.58. The stock has been trading between $35.32 and $46.28 for the past 52 weeks.