Agilent stock tanks after company’s quarterly miss, revised outlook

Shares of Agilent Technologies Inc. A, +2.94% fell more than 9% in the extended session Tuesday after the lab-instrument maker reported fiscal second-quarter results that missed Wall Street expectations and revised its full-year sales outlook. Agilent said it earned $182 million, or 57 cents a share, in the quarter, compared with $205 million, or 63 cents a share, in the year-ago period. Adjusted for one-time items, Agilent earned $228 million, or 71 cents a share, compared with $212 million, or 65 cents a share, a year ago. Revenue rose to $1.24 billion from $1.21 billion a year ago. Analysts polled by FactSet had expected adjusted profit of 72 cents a share on sales of $1.27 billion. "While overall revenues were below our expectations, the story of our second-quarter results is one where we demonstrated the resilience of Agilent’s business model," Chief Executive Mike McMullen said in a statement. Agilent said it revised its full-year revenue outlook to between $5.085 billion to $5.125 billion, and kept the year’s adjusted EPS guidance at between $3.03 and $3.07. The analysts polled by FactSet expect full-year revenue of $5.186 billion. Shares of Agilent ended the regular trading day up 2.9%.

Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails. Sign up here.

Source: Read Full Article