Agilent Technologies Inc.. (11/25/24). "Press Release: Agilent Reports Fourth-Quarter Fiscal Year 2024 Financial Results". Santa Clara, CA.

	Organisation	Agilent Technologies Inc. (NYSE: A)
	Organisation 2	Agilent CrossLab Group (ACG) [Services + Consumables] (since 9/14)
	Product	laboratory equipment and instruments
	Product 2	molecular diagnostics
	Person	McDonnell, Padraig (Agilent 202405– CEO before SVP + President CrossLab Group before EVP + GM LifeSAM EMEAI)
	Person 2	Ahuja, Parmeet (Agilent 201103 Country General Manager India)

Delivers solid results in Q4; initiates FY25 guidance

Fourth-quarter fiscal year 2024

> Revenue of $1.70 billion, up 0.8% reported and down 0.3% core(1) from the fourth quarter of 2023.

> GAAP net income of $351 million; earnings per share (EPS) of $1.22, down 25% from the fourth quarter of 2023.

> Non-GAAP(2) net income of $418 million; EPS of $1.46, up 6% from the fourth quarter of 2023.

Full fiscal year 2024

> Revenue of $6.51 billion, down 4.7% on a reported basis and down 4.7% core(1) year-over-year.

> GAAP net income of $1.289 billion; EPS of $4.43, up 6% year-over-year.

> Non-GAAP(2) net income of $1.539 billion; EPS of $5.29, down 3% year-over-year.

Fiscal year 2025 and first-quarter outlook

> Fiscal year revenue is expected in the range of $6.790 billion to $6.870 billion, representing a range of up 4.3% to 5.5% on a reported basis and 2.5% to 3.5% core(1). Non-GAAP(3) earnings are expected in the range of $5.54 to $5.61 per share.

> Fiscal first-quarter revenue guidance is expected in the range of $1.650 billion to $1.680 billion, a decline of 0.5% to an increase of 1.3% reported and a decline of 2.0% to 0.2% core(1). Non-GAAP(3) earnings are expected in the range of $1.25 to $1.28 per share.

Agilent Technologies Inc. (NYSE: A) today reported revenue of $1.70 billion for the fourth quarter ended October 31, 2024, an increase of 0.8% reported and a decline of 0.3% core(1) compared to the fourth quarter of 2023.

Fourth-quarter GAAP net income was $351 million, or $1.22 per share. This compares with $475 million, or $1.62 per share, in the fourth quarter of fiscal year 2023. Non-GAAP(2) net income was $418 million, or $1.46 per share during the quarter, compared with $404 million or $1.38 per share during the fourth quarter a year ago.

"The Agilent team again executed well and delivered solid results in the fourth quarter as the markets continued to recover," said Agilent President and CEO Padraig McDonnell. "Our new market-based, customer-first strategy combined with our transformation – which includes the new organizational structure announced today – will position us to capture even more growth opportunities as the market improves. I look forward to sharing more about these exciting developments during our Analyst and Investor Day in December."

Financial Highlights

In the first quarter of 2024, Agilent implemented certain changes to its segment reporting structure. Prior period segment information has been recast to reflect these changes. These changes have no impact on Agilent's consolidated financial statements.

Life Sciences and Applied Markets Group

Agilent's Life Sciences and Applied Markets Group (LSAG) reported fourth-quarter revenue of $833 million, a decline of 1% reported and 1% core(1) year-over-year. LSAG's operating margin for the quarter was 28.0%. Full-year revenue of $3.22 billion declined 8% reported and 8% core(1) over last year. LSAG's operating margin for the year was 27.3%.

Agilent CrossLab Group

The Agilent CrossLab Group (ACG) reported fourth-quarter revenue of $426 million, an increase of 5% reported and 5% core(1) year-over-year. ACG's operating margin for the quarter was 32.6%. Full-year revenue of $1.64 billion increased 5% reported and 5% core(1) over last year. ACG's operating margin for the year was 31.9%.

Diagnostics and Genomics Group

The Diagnostics and Genomics Group (DGG) reported fourth-quarter revenue of $442 million, a decrease of 1% reported and 3% core(1) year-over-year. DGG's operating margin for the quarter was 21.2%. Full-year revenue of $1.65 billion declined 6% reported and 6% core(1) over last year. DGG's operating margin for the year was 19.4%.

Full Year 2025 and First-Quarter Outlook

Full-year revenue outlook is expected in the range of $6.790 billion to $6.870 billion, representing a range of up 4.3% to 5.5% reported and 2.5% to 3.5% core(1). Non-GAAP(3) EPS is expected in the range of $5.54 to $5.61 per share.

The outlook for first-quarter revenue is expected to be in the range of $1.650 billion to $1.680 billion, a decline of 0.5% to an increase of 1.3% reported and a decline of 2.0% to 0.2% core(1). Non-GAAP(3) EPS is expected in the range of $1.25 to $1.28 per share.

The outlook is based on forecasted currency exchange rates.

Conference Call

Agilent's management will present additional details regarding the company's fourth-quarter 2024 financial results on a conference call with investors today at 1:30 p.m. PT. This event will be broadcast live online in listen-only mode. To listen to the webcast, select the "Q4 2024 Agilent Technologies Inc. Earnings Conference Call" link on the Agilent Investor Relations website. The replay of the call will remain on the company site for 90 days.

Organizational Structure Announcement

Agilent today also announced a new organizational structure, an important step in the company's transformation to become nimbler and more customer centric. Read the announcement. Agilent will share more information about the company's evolved market-focused strategy and transformation at its Investor Day in New York City on Dec. 17, 2024. See details here.

About Agilent Technologies

Agilent Technologies Inc. (NYSE: A) is a global leader in analytical and clinical laboratory technologies, delivering insights and innovation that help our customers bring great science to life. Agilent’s full range of solutions includes instruments, software, services, and expertise that provide trusted answers to our customers' most challenging questions. The company generated revenue of $6.51 billion in fiscal year 2024 and employs approximately 18,000 people worldwide. Information about Agilent is available at www.agilent.com. To receive the latest Agilent news, subscribe to the Agilent Newsroom. Follow Agilent on LinkedIn and Facebook.

Forward-Looking Statements

This news release contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. The forward-looking statements contained herein include, but are not limited to, information regarding Agilent's growth prospects, business, financial results, revenue, non-GAAP earnings guidance for Q1 and fiscal year 2025, and the effects of its new organizational structure, operational transformation and market-focused strategy. These forward-looking statements involve risks and uncertainties that could cause Agilent's results to differ materially from management's current expectations. Such risks and uncertainties include, but are not limited to, unforeseen changes in the strength of Agilent's customers' businesses; unforeseen changes in the demand for current and new products, technologies, and services; unforeseen changes in the currency markets; customer purchasing decisions and timing; and the risk that Agilent is not able to realize the savings expected from integration and restructuring activities. In addition, other risks that Agilent faces in running its operations include the ability to execute successfully through business cycles; the ability to meet and achieve the benefits of its operational transformation, market-focused strategy and cost-reduction goals and otherwise successfully adapt its cost structures to continuing changes in business conditions; ongoing competitive, pricing and gross-margin pressures; the risk that its cost-cutting initiatives will impair its ability to develop products and remain competitive and to operate effectively; the impact of geopolitical uncertainties and global economic conditions on its operations, its markets and its ability to conduct business; the ability to improve asset performance to adapt to changes in demand; the ability of its supply chain to adapt to changes in demand; the ability to successfully introduce new products at the right time, price and mix; the ability of Agilent to successfully integrate recent acquisitions; the ability of Agilent to successfully comply with certain complex regulations; and other risks detailed in Agilent's filings with the Securities and Exchange Commission, including its quarterly report on Form 10-Q for the fiscal quarter ended July 31, 2024. Forward-looking statements are based on the beliefs and assumptions of Agilent's management and on currently available information. Agilent undertakes no responsibility to publicly update or revise any forward-looking statement.

(1) Core revenue growth excludes the impact of currency and acquisitions and divestitures within the past 12 months. Core revenue is a non-GAAP measure. Reconciliations between GAAP revenue and core revenue for Q4 fiscal year 2024 and full fiscal year 2024 are set forth on pages 6 and 7 of the attached tables along with additional information regarding the use of this non-GAAP measure. Core revenue growth rate as projected for Q1 fiscal year 2025 and full fiscal year 2025 excludes the impact of currency and acquisitions and divestitures within the past 12 months. Most of the excluded amounts pertain to events that have not yet occurred and are not currently possible to estimate with a reasonable degree of accuracy and could differ materially. Therefore, no reconciliation to GAAP amounts has been provided for the projection.

(2) Non-GAAP net income and non-GAAP earnings per share primarily exclude the impacts of restructuring and other related costs, asset impairments, intangibles amortization, transformational initiatives, acquisition and integration costs and net (gain) loss on equity securities. Agilent also excludes any tax benefits or expenses that are not directly related to ongoing operations, and which are either isolated or are not expected to occur again with any regularity or predictability. A reconciliation between non-GAAP net income and GAAP net income is set forth on page 4 of the attached tables along with additional information regarding the use of this non-GAAP measure.

(3) Non-GAAP earnings per share as projected for Q1 fiscal year 2025 and full fiscal year 2025 exclude primarily the estimated impacts of non-cash intangibles amortization, transformational initiatives, and acquisition and integration costs. Agilent also excludes any tax benefits or expenses that are not directly related to ongoing operations, and which are either isolated or are not expected to occur again with any regularity or predictability. Most of these excluded amounts pertain to events that have not yet occurred and are not currently possible to estimate with a reasonable degree of accuracy and could differ materially. Therefore, no reconciliation to GAAP amounts has been provided. Future amortization of intangibles is expected to be approximately $28 million per quarter.

Investor Contact

Parmeet Ahuja
+1 408-345-8948
parmeet_ahuja@agilent.com

Media Contact

Sarah Litton
+1 408-361-0405
sarah.litton@agilent.com

Record changed: 2025-01-20