Agilent Reports Second-Quarter Fiscal Year 2021 Financial Results

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05/25/2021 - 04:05 PM

Agilent Technologies Inc. (NYSE: A) today reported revenue of $1.525 billion for the second quarter ended April 30, 2021, an increase of 23% compared to the second quarter of 2020 and up 19% on a core⁽¹⁾ basis.

Second-quarter GAAP net income was $216 million, or 70 cents per share. This compares with $101 million, or 32 cents per share, in the second quarter of fiscal year 2020. Non-GAAP⁽²⁾ net income was $299 million, or 97 cents per share compared with $223 million, or 71 cents per share, during the second quarter a year ago.

“The Agilent team delivered an exceptional quarter, exceeding our revenue and earnings expectations as our growth momentum continues,” said Mike McMullen, Agilent president and CEO. “Our very strong growth is broad-based across all end-markets, geographies and business groups. These results reflect our relentless customer focus, innovative solutions, and excellent operational execution. Due to our strong-second quarter performance and expected continued momentum, we are raising our revenue and earnings outlook for the full year.

“We also welcomed the Resolution Bioscience team to Agilent in Q2, continuing our investment in high-growth markets as part of our ‘build and buy’ growth strategy.”

Financial Highlights

Life Sciences and Applied Markets Group

Second-quarter revenue of $674 million from Agilent’s Life Sciences and Applied Markets Group (LSAG) increased 28% year-over-year and was up 25% on a core⁽¹⁾ basis. LSAG’s operating margin was 22.9%.

Agilent CrossLab Group

Second-quarter revenue of $536 million from the Agilent CrossLab Group (ACG) increased 19% year-over-year and was up 15% on a core⁽¹⁾ basis. ACG’s operating margin was 26.3%.

Diagnostics and Genomics Group

Second-quarter revenue of $315 million from Agilent’s Diagnostics and Genomics Group (DGG) increased 20% year-over-year and was up 16% on a core⁽¹⁾ basis. DGG’s operating margin was 21.9%.

Full-Year and Third-Quarter Outlook

Agilent has increased its outlook and now expects revenue in the range of $6.15 billion to $6.21 billion for fiscal year 2021. Fiscal year 2021 non-GAAP⁽³⁾ earnings guidance has also increased to a range of $4.09 to $4.14 per share.

Agilent expects third-quarter 2021 revenue in the range of $1.51 billion to $1.54 billion, with non-GAAP⁽³⁾ earnings expected to be in the range of 97 to 99 cents per share.

The outlook is based on currency-exchange rates as of April 30, 2021.

Conference Call

Agilent’s management will present additional details regarding the company’s second-quarter 2021 financial results on a conference call with investors today at 1:30 p.m. PST. This event will be broadcast live online in listen-only mode. To listen to the webcast, select the “Q2 2021 Agilent Technologies Inc. Earnings Conference Call” link in the “