Research Desk Line-up: PAREXEL Post Earnings Coverage
LONDON, UK / ACCESSWIRE / September 5, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Agilent Technologies, Inc. (NYSE: A) ("Agilent"), which can be viewed by registering at http://protraderdaily.com/optin/'symbol=A, following the Company's announcement of its third quarter fiscal 2017 financial results on August 15, 2017. The scientific instrument maker exceeded revenue and earnings estimates and also provided forecasts for the upcoming quarter and fiscal year. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Get more of our free earnings reports coverage from other constituents of the Medical Laboratories & Research industry. Pro-TD has currently selected PAREXEL International Corporation (NASDAQ: PRXL) for due-diligence and potential coverage as the Company reported on August 28, 2017, its financial results for Q4 FY17 and FY17 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on PAREXEL when we publish it.
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Earnings Reviewed
Agilent reported revenue of $1.11 billion for the third fiscal quarter ended July 31, 2017, up 7% compared to revenue of $1.04 billion in Q3 FY16. The Company's revenue numbers surpassed Wall Street's estimates of $1.08 billion.
For Q3 FY17, Agilent posted GAAP net income of $175 million, or $0.54 per share, compared to GAAP net income of $124 million, or $0.38 per share, for Q3 FY16. During the reported quarter, the Company had intangible amortization of $27 million; acquisition and integration costs of $4 million; transformation costs of $3 million; and $1 million in other costs.
Excluding these items and a tax benefit of $19 million, Agilent reported non-GAAP net income of $191 million, or $0.59 per diluted share, in Q3 FY17 compared to non-GAAP net income of $160 million, or $0.49 per diluted share, for Q3 FY16. The Company's bottom-line topped analysts' forecasts for earnings of $0.52 per share.
Agilent's Segment Results
During Q3 FY17, the Life Sciences and Applied Markets Group's (LSAG) revenue grew 5% y-o-y, or 7% on a core basis, to $531 million, compared to $504 million in Q3 FY16, with strength reported in chemical and energy, Pharma, and environmental end markets. LSAG's operating margin for the reported quarter was 21.3% compared to 19.1% in the year ago same period.
For Q3 FY17, the CrossLab Group's (ACG) revenue totaled $386 million, up 7% on a y-o-y, or 8% on a core basis, from revenue of $360 million in Q3 FY16. The Company stated that the division's services and consumables saw solid growth across all end markets and geographies. ACG's operating margin was 23.4% for the reported quarter, up 120 basis points from operating margin of 22.7% in the prior year's corresponding quarter.
The Diagnostics and Genomics Group's (DGG) revenue grew 9% y-o-y and 8% on a core basis to $197 million, led by Pharma and diagnostic and clinical end markets. DGG's operating margin for the reported quarter totaled 16.9% from 18.8% in the year earlier quarter.
Cash Matters
As of July 31, 2017, Agilent's cash and cash equivalents were $2.56 billion compared to $2.29 billion as on October 31, 2016. The Company's net cash provided by operating activities was $228 million in the reported quarter compared to $194 million in the year ago same period, while its capital expenditure totaled $43 million compared to $24 million in Q3 FY16.
Outlook
For Q4 FY17, Agilent is forecasting revenue in the range of $1.15 billion to $1.17 billion. The Company's non-GAAP earnings for the upcoming quarter are expected to be in the range of $0.60 to $0.62 per share.
For fiscal year 2017, Agilent is projecting revenue in the band of $4.435 billion to $4.455 billion and non-GAAP earnings of $2.29 to $2.31 per share.
Stock Performance
At the closing bell, on Friday, September 01, 2017, Agilent Technologies' stock marginally slipped 0.53%, ending the trading session at $64.38. A total volume of 1.22 million shares have exchanged hands. The Company's stock price soared 6.59% in the last three months, 25.62% in the past six months, and 37.01% in the previous twelve months. Moreover, the stock skyrocketed 41.31% since the start of the year. The stock is trading at a PE ratio of 33.19 and has a dividend yield of 0.82%. The stock currently has a market cap of $20.67 billion.
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