SANTA CLARA (dpa-AFX) - Scientific instrument maker Agilent Technologies Inc. (A), said Tuesday its fourth-quarter profit declined from the year-ago quarter, due mainly to the absence of significant tax benefits as well as other income recorded last year. Nonetheless, excluding items, adjusted earnings for the quarter topped Wall Street estimates, while sales missed expectations. Agilent stock lost 2.3 percent in after hours, following the announcement of results.
Looking ahead, Agilent provided its outlook for the first quarter, with adjusted earnings indicated to top Street estimates, and also detailed its guidance for the full year 2012.
Santa Clara, California-based Agilent reported fourth-quarter profit of $289 million or $0.82 per share, a decline from $293 million or $0.83 per share last year.
Results for the quarter include, among other items, a tax benefit of $57 million, while the year-ago quarter results included other income of $56 million and tax benefit of $102 million.
Excluding items, adjusted profit for the quarter was $296 million or $0.84 per share, compared to $228 million or $0.65 per share in the prior year.
On average, 15 analysts polled by Thomson Reuters expected earnings of $0.81 per share for the quarter. Analysts' estimates typically exclude special items.
Agilent's revenues for the quarter was $1.73 billion, up 10 percent from $1.576 billion last year. Fifteen analysts on consensus expected revenues of $1.75 billion for the quarter.
Revenue from the company's Electronic Measurement segment climbed 12 percent to $855 million from last year, helped by growth across the communications and industrial markets. Life Sciences rose 9 percent to $509 million from a year ago, on strong demand from applied markets. Chemical Analysis increased 4 percent to $405 million, led by demand in the petrochemical and food markets.
Looking forward to the first quarter, the company has forecast adjusted earnings of $0.67 to $0.69 per share and revenue of $1.65 billion to $1.67 billion.
Analysts currently expect the company to earn $0.70 per share on revenue of $1.66 billion for the first quarter.
For the full year 2012, Agilent expects adjusted earnings of $3.00 to $3.35 per share and revenue of $6.85 billion to $7.15 billion.
Analysts currently expect the company to earn $3.13 per share on revenue of $6.98 billion for the full year.
CEO Sullivan said, 'Despite the uncertain global economy, we are well positioned in all regions of the world to capitalize on market opportunities due to the breadth of our product and service offerings.'
Among others in the industry, Thermo Fisher Scientific Inc. (TMO) last month reported a decline in quarterly profit. However, adjusted earnings grew in line with expectations, while quarterly revenue missed estimates by a whisker.
A closed Tuesday's regular trade at $38.25, up $0.70 or 1.86%, on a volume of 4.2 million shares on the NYSE. In after hours, the stock lost $0.90 or 2.35%.
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