Original from: Genomeweb

Agilent Technologies reported after the close of the market on Tuesday that its fiscal second quarter revenues rose 5 percent year over year.

For the three months ended April 30, Agilent said its revenues rose to $1.61 billion from $1.53 billion in the year-ago period and beat the analysts' average estimate of $1.53 billion.

Its core revenues, which exclude the impact of currency and acquisitions and divestitures over the last 12 months, grew 7 percent year over year.

Revenues for the diagnostics and genomics group rose 14 percent to $358 million from $315 million in the year-ago quarter, while the life sciences and applied markets group saw revenues grow 2 percent to $896 million from $881 million. The Agilent CrossLab group grew revenues 7 percent year over year to $353 million from $329 million.

For the recently completed quarter, Agilent's net income rose to $274 million, or $.91 per share, from a net income of $216 million, or $.70, in Q2 2021. The firm reported adjusted EPS of $1.13, beating the analysts' average estimate of $1.06.

Agilent's Q2 R&D spending rose 6 percent year over year to $115 million from $109 million, while its SG&A spending fell 8 percent year over year to $386 million from $420 million.

The company ended the quarter with $1.19 billion in cash and cash equivalents and $21 million in short-term investments.

It continues to expect full-year 2022 revenues of $6.67 billion to $6.73 billion and adjusted its non-GAAP EPS outlook to between $4.86 and $4.93 from a previous range of between $4.80 and $4.90 announced in February.

For the third quarter, Agilent expects revenues of $1.625 billion to $1.65 billion and adjusted EPS of $1.20 to $1.22. The consensus Wall Street average estimates prior to the release of the financial results were for Q3 revenues of $1.56 billion and adjusted EPS of $1.12.

Source: Agilent Technologies Fiscal Q2 Revenues Rise 5 Percent