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Agilent Technologies, Inc. (NYSE:A) posted better-than-expected third-quarter earnings and issued upbeat fourth-quarter guidance on Wednesday.
Revenue fell 5.6% Y/Y to $1.58 billion, beating the consensus of $1.56 billion. By segment, the Life Sciences and Applied Markets Group (LSAG) segment reported revenue of $782 million, down 8% Y/Y (-7% Y/Y core), with an operating margin of 28.4%. Adjusted EPS of $1.32 surpassed the street view of $1.26.
Agilent said it sees fourth-quarter revenue of $1.641 billion – $1.691 billion (vs. $1.67 billion estimate) and adjusted EPS of $1.38 – $1.42 (vs. street view of $1.44).
For FY24, Agilent revised its revenue outlook to $6.45 billion – $6.5 billion from $6.42 billion – $6.5 billion (vs. $6.46 billion estimate) and adjusted EPS to $5.21 – $5.25 (vs. $5.20 estimate) from $5.15 – $5.25 earlier.
Agilent President and CEO Padraig McDonnell said, "While market conditions continued to be challenged during the quarter, we saw steady signs of improvement as anticipated. We continue to make investments in our most promising growth opportunities."
Agilent shares gained 0.8% to trade at $141.17 on Thursday.
These analysts made changes to their price targets on Agilent following earnings announcement.
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