Highlights:
- GAAP income from continuing operations
of $102 million, or $0.30 per share
- Non-GAAP income from continuing
operations of $139 million, or $0.41 per share(1)
- Orders of $995 million and revenues of
$1.03 billion
- Second-quarter fiscal year 2015 revenue
guidance of $985 million to $1,005 million, and non-GAAP earnings
guidance of $0.37 to $0.41 per share(2)
- Fiscal year 2015 revenue guidance of
$4.06 billion to $4.12 billion, and non-GAAP earnings guidance at
$1.67 to $1.73 per share(2)
Agilent Technologies Inc. (NYSE:A) today reported orders of $995
million, up 2 percent over one year ago, for the first fiscal
quarter ended Jan. 31, 2015, and revenues of $1.03 billion, also up
2 percent compared with one year ago. Orders and revenues each grew
6 percent on a currency adjusted basis (3).
First-quarter GAAP income from continuing operations was $102
million, or $0.30 per share. Last year’s first-quarter GAAP income
from continuing operations was $121 million, or $0.36 per
share.
During the first quarter, Agilent had intangible amortization of
$43 million, transformation costs of $12 million and a tax benefit
of $24 million. Excluding these items and $6 million of other net
costs, Agilent reported first-quarter adjusted income from
continuing operations of $139 million, or $0.41 per share(1).
“Agilent delivered a solid start to the year,” said Bill
Sullivan, Agilent CEO. “The strength of our core analytical
business drove our success, offsetting currency headwinds and
challenges within our diagnostics and genomics business.”
“Looking ahead, we are confident in the strength of our new
product portfolio to sustain growth as well as our ability to
address some current business challenges and accelerate achievement
of our long-term operating model,” said Mike McMullen, Agilent
president, COO and CEO-elect.
Given the reorganization of Agilent’s businesses, announced in
November 2014, Q1 financial results for the company’s three new
business units reference restated comparisons.
First-quarter revenues of $547 million from Agilent’s Life
Sciences and Applied Markets Group (LSAG) rose 2 percent year over
year (up 5 percent adjusted for currency(3)) on broad-based growth
across most product lines and regions. LSAG’s operating margin was
19.6 percent in the quarter.
Q1 revenues of $331 million from the Agilent CrossLab Group
(ACG) rose 5 percent year over year (up 10 percent adjusted for
currency(3)), reflecting solid growth across Agilent’s analytical
services and consumables business. ACG’s operating margin was 20.7
percent in the quarter.
First-quarter revenues of $148 million from the Diagnostics and
Genomics Group (DGG) declined 6 percent year over year (down 1
percent adjusted for currency(3)). Strength in companion
diagnostics was offset by regulatory expenses and manufacturing
issues that were resolved late in the quarter. DGG’s operating
margin was 0.5 percent in the quarter.
Agilent’s second-quarter 2015 revenues are expected to be in the
range of $985 million to $1,005 million. Second-quarter non-GAAP
earnings are expected to be in the range of $0.37 to $0.41 per
share(2).
For fiscal year 2015, Agilent expects revenues of $4.06 billion
to $4.12 billion and non-GAAP earnings of $1.67 to $1.73 per
share(2). The guidance is based on Jan. 31, 2015 exchange rates.
Foreign currency movements have a very negative impact on Agilent’s
revenues and profits, but the company has taken actions on all
fronts to mitigate the effects.
About Agilent Technologies
Agilent Technologies Inc. (NYSE:A), a global leader in life
sciences, diagnostics and applied chemical markets, is the premier
laboratory partner for a better world. Agilent works with customers
in more than 100 countries, providing instruments, software,
services and consumables for the entire laboratory workflow.
Agilent generated revenues of $4.0 billion in fiscal 2014. The
company employs about 12,000 people worldwide. Information about
Agilent is available at www.agilent.com.
Agilent’s management will present more details about its
first-quarter FY2015 financial results on a conference call with
investors today at 1:30 p.m. PT. This event will be webcast live in
listen-only mode. Listeners may log on at www.investor.agilent.com
and select “Q1 2015 Agilent Technologies Inc. Earnings Conference
Call” in the “News & Events Calendar of Events” section. The
webcast will remain available on the company’s website for 90
days.
Additional information regarding financial results can be found
at www.investor.agilent.com by selecting “Financial Results” in the
“Financial Information” section.
A telephone replay of the conference call will be available at
approximately 5:30 p.m. PT today through Feb. 24 by dialing +1 855
859 2056 (or +1 404 537 3406 from outside the United States) and
entering passcode 62070053.
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 future revenues, earnings and profitability; planned new
products; market trends; the future demand for the company’s
products and services; customer expectations; and revenue and
non-GAAP earnings guidance for the second quarter and full fiscal
year 2015. 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 our 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 we are 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 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 our
cost-cutting initiatives will impair our ability to develop
products and remain competitive and to operate effectively; the
impact of geopolitical uncertainties and global economic conditions
on our operations, our markets and our ability to conduct business;
the ability to improve asset performance to adapt to changes in
demand; the ability of our 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 our Annual Report on Form 10-K for
the fiscal year ended Oct. 31, 2014. 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) Non-GAAP income from continuing operations and non-GAAP
income from continuing operations per share exclude primarily the
impacts of acquisition and integration costs, pre-separation costs,
transformation initiatives and restructuring costs, NMR business
exit, and non-cash intangibles amortization. We also exclude any
tax benefits that are not directly related to ongoing operations
and which are either isolated or cannot be 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 5 of
the attached tables along with additional information regarding the
use of this non-GAAP measure.
(2) Non-GAAP earnings per share as projected for Q2 FY15 and
full fiscal year 2015 excludes primarily the impact of acquisition
and integration costs, future restructuring costs, asset impairment
charges and non-cash intangibles amortization. We also exclude any
tax benefits that are not directly related to ongoing operations
and which are either isolated or cannot be 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. Therefore, no reconciliation to GAAP amounts has been
provided. Future amortization of intangibles is expected to be
approximately $45 million per quarter.
(3) Revenue excluding the impact of currency is a non-GAAP
measure. A reconciliation between GAAP revenue and non-GAAP revenue
is set forth on page 7 of the attached tables along with additional
information regarding the use of this non-GAAP measure.
NOTE TO EDITORS: Further technology, corporate citizenship and
executive news is available on the Agilent news site at
www.agilent.com/go/news.
AGILENT TECHNOLOGIES,
INC. CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In millions, except per share amounts) (Unaudited)
PRELIMINARY Three Months Ended
January 31, Percent 2015 2014
Inc/(Dec) Orders $ 995 $ 979 2% Net revenue $
1,026 $ 1,008 2% Costs and expenses: Cost of products and
services 513 498 3% Research and development 88 88 — Selling,
general and administrative 310 298 4%
Total costs and expenses 911 884 3%
Income from operations 115 124 (7%) Interest income 2
2 — Interest expense (16 ) (29 ) (45%) Other income (expense), net
12 - — Income from continuing
operations before taxes 113 97 16% Provision (benefit) for
income taxes 11 (24 ) — Income from
continuing operations 102 121 (16%) Income (loss) from
discontinued operations, net of tax (30 ) 74 —
Net income $ 72 $ 195 (63%)
Net income per share - Basic: Income from continuing
operations $ 0.30 $ 0.37 Income (loss) from discontinued operations
$ (0.09 ) $ 0.22 Net income per share - Basic $ 0.21
$ 0.59 Net income per share - Diluted: Income
from continuing operations $ 0.30 $ 0.36 Income (loss) from
discontinued operations $ (0.09 ) $ 0.22 Net income per
share - Diluted $ 0.21 $ 0.58 Weighted
average shares used in computing net income per share: Basic 336
333 Diluted 338 338 Cash dividends declared per common share
$ 0.100 $ 0.132 The preliminary income statement is
estimated based on our current information.
Page 1
AGILENT TECHNOLOGIES, INC. CONDENSED CONSOLIDATED
STATEMENT OF COMPREHENSIVE INCOME (In millions)
(Unaudited) PRELIMINARY
Three Months Ended January 31, 2015
2014 Net income $ 72 $ 195 Other comprehensive
income (loss), net of tax: Unrealized loss on investments —
(3 ) Unrealized gain (loss) on derivative instruments 7 (2 )
Amounts reclassified into earnings related to derivative
instruments (3 ) — Foreign currency translation (265 ) (55 ) Net
defined benefit pension cost and post retirement plan costs:
Amortization of actuarial net loss 4 13 Amortization of net prior
service benefit (2 ) (8 ) Other comprehensive loss
(259 ) (55 ) Total comprehensive income (loss)
$ (187 ) $ 140 The preliminary statement of
comprehensive income is estimated based on our current information.
Page 2
AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEET (In millions, except
par value and share amounts) (Unaudited)
PRELIMINARY January 31, October
31, 2015 2014 ASSETS Current assets: Cash
and cash equivalents $ 2,118 $ 2,218 Accounts receivable, net 615
626 Inventory 560 574 Other current assets 389 261 Current assets
of discontinued operations — 1,821 Total current assets 3,682 5,500
Property, plant and equipment, net 610 631 Goodwill 2,352
2,507 Other intangible assets, net 559 649 Long-term investments 90
96 Other assets 226 306 Non-current assets of discontinued
operations — 1,142 Total assets $ 7,519 $ 10,831 LIABILITIES
AND EQUITY Current liabilities: Accounts payable $ 257 $ 302
Employee compensation and benefits 183 228 Deferred revenue 278 260
Other accrued liabilities 210 289 Current liabilities of
discontinued operations — 623 Total current liabilities 928 1,702
Long-term debt 1,658 1,663 Retirement and post-retirement
benefits 194 209 Other long-term liabilities 499 545 Long-term
liabilities of discontinued operations — 1,411 Total liabilities
3,279 5,530 Total Equity: Stockholders' equity:
Preferred stock; $0.01 par value; 125
million shares authorized; none issued and outstanding
— —
Common stock; $0.01 par value, 2 billion
shares authorized; 609 million shares at January 31, 2015 and 608
million shares at October 31, 2014, issued
6 6
Treasury stock at cost; 273 million shares
at January 31, 2015 and 273 million shares at October 31, 2014
(9,813) (9,807) Additional paid-in-capital 8,957 8,967 Retained
earnings 5,348 6,466 Accumulated other comprehensive loss (261)
(334) Total stockholders' equity 4,237 5,298 Non-controlling
interest 3 3 Total equity 4,240 5,301 Total liabilities and equity
$ 7,519 $ 10,831 The preliminary balance sheet is
estimated based on our current information.
Page 3
AGILENT TECHNOLOGIES, INC. CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS (In millions)
(Unaudited) PRELIMINARY Three
Months Ended January 31, 2015 Cash flows
from operating activities: Net income $ 72 Adjustments to
reconcile net income to net cash provided by (used in) operating
activities: Depreciation and amortization 68 Share-based
compensation 22 Excess and obsolete inventory related charges 4
Other non-cash expenses, net 3 Changes in assets and liabilities:
Accounts receivable (15 ) Inventory (5 ) Accounts payable (39 )
Employee compensation and benefits (34 ) Other assets and
liabilities (96 ) Net cash used in operating activities (a)
(20 ) Cash flows from investing activities: Investments in
property, plant and equipment (32 ) Change in restricted cash and
cash equivalents, net 1 Net cash used in investing
activities (31 ) Cash flows from financing activities:
Issuance of common stock under employee stock plans 8 Treasury
stock repurchases (6 ) Payment of dividends (34 ) Net transfer to
Keysight (796 ) Net cash used in financing activities (828 )
Effect of exchange rate movements (31 ) Net decrease
in cash and cash equivalents (910 ) Cash and cash
equivalents at beginning of period 3,028 Cash
and cash equivalents at end of period $ 2,118 (a)
Cash payments included in operating activities: Severance payments
7 Income tax payments, net 73 The preliminary cash
flow is estimated based on our current information.
Page 4
AGILENT TECHNOLOGIES,
INC. NON-GAAP INCOME FROM CONTINUING OPERATIONS AND DILUTED
EPS RECONCILIATIONS (In millions, except per share
amounts) (Unaudited) PRELIMINARY
Three Months Ended January 31,
Diluted
Diluted
2015
EPS
2014
EPS
GAAP Income from continuing operations $ 102 $ 0.30 $ 121 $
0.36 Non-GAAP adjustments: Restructuring and other related costs —
— (2 ) (0.01 )
Acceleration of share-based compensation
related to workforce reduction
1 — — — Intangible amortization 43 0.13 49 0.14 Transformational
initiatives 12 0.04 3 0.01 Acquisition and integration costs 1 — 6
0.02 Pre-separation costs — — 2 0.01 Nuclear Magnetic Resonance
(NMR) business exit 3 0.01 — — Unallocated corporate costs — — 10
0.03 Other 1 — 1 — Adjustment for taxes (a) (24 )
(0.07 ) (50 ) (0.15 ) Non-GAAP Income
from continuing operations $ 139 $ 0.41 $ 140
$ 0.41 (a) The adjustment for
taxes excludes tax benefits that management believes are not
directly related to ongoing operations and which are either
isolated or cannot be expected to occur again with any regularity
or predictability. For the three months ended January 31, 2015 and
2014 , management uses a non-GAAP effective tax rate of 20% and
16%, respectively, that we believe to be indicative of on-going
operations. Historical amounts are reclassified to conform
with current presentation. We provide non-GAAP income from
continuing operations and non-GAAP income from continuing
operations per share amounts in order to provide meaningful
supplemental information regarding our operational performance and
our prospects for the future. These supplemental measures exclude,
among other things, charges related to the amortization of
intangibles, the impact of restructuring charges, acquisition and
integration costs, NMR business exit and pre-separation costs. Some
of the exclusions, such as impairments, may be beyond the control
of management. Further, some may be less predictable than revenue
derived from our core businesses (the day to day business of
selling our products and services). These reasons provide the basis
for management's belief that the measures are useful.
Restructuring costs include incremental expenses incurred in
the period associated with publicly announced major restructuring
programs, usually aimed at material changes in business and/or cost
structure. Such costs may include one-time termination benefits,
asset impairments, facility-related costs and contract termination
fees.
Transformational initiatives include expenses incurred
in the period associated with targeted cost reduction activities
such as manufacturing transfers, small site consolidations,
reorganizations, insourcing or outsourcing of activities. Such
costs may include move and relocation costs, one-time termination
benefits and other one-time reorganization costs.
Acquisition
and Integration costs include all incremental expenses incurred
to effect a business combination which have been expensed during
the period. Such acquisition costs may include advisory, legal,
accounting, valuation, and other professional or consulting fees.
Such integration costs may include expenses directly related to
integration of business and facility operations, information
technology systems and infrastructure and other employee-related
costs.
Pre-separation costs include Agilent-specific
incremental expenses incurred in order to effect the separation,
through November 1, 2014 distribution date. Our management
uses non-GAAP measures to evaluate the performance of our core
businesses, to estimate future core performance and to compensate
employees. Since management finds this measure to be useful, we
believe that our investors benefit from seeing our results “through
the eyes” of management in addition to seeing our GAAP results.
This information facilitates our management’s internal comparisons
to our historical operating results as well as to the operating
results of our competitors. Our management recognizes that
items such as amortization of intangibles, net loss on debt
extinguishment and restructuring charges can have a material impact
on our cash flows and/or our net income. Our GAAP financial
statements including our statement of cash flows portray those
effects. Although we believe it is useful for investors to see core
performance free of special items, investors should understand that
the excluded items are actual expenses that may impact the cash
available to us for other uses. To gain a complete picture of all
effects on the company’s profit and loss from any and all events,
management does (and investors should) rely upon the GAAP income
statement. The non-GAAP numbers focus instead upon the core
business of the company, which is only a subset, albeit a critical
one, of the company’s performance. Readers are reminded that
non-GAAP numbers are merely a supplement to, and not a replacement
for, GAAP financial measures. They should be read in conjunction
with the GAAP financial measures. It should be noted as well that
our non-GAAP information may be different from the non-GAAP
information provided by other companies.
The preliminary non-GAAP net income and
diluted EPS reconciliation is estimated based on our current
information.
Page 5
AGILENT TECHNOLOGIES, INC. SEGMENT INFORMATION
(In millions, except where noted) (Unaudited)
PRELIMINARY
Life Sciences and Applied Markets
Group
Q1'15
Q1'14
Q4'14
Orders $ 488 $ 489 $
620 Revenue $ 547 $ 537 $ 539 Gross Margin, %
56.1 % 56.2 % 57.1 % Income from Operations $ 107 $ 105 $ 109
Operating margin, % 19.6 % 19.6 % 20.2 %
Diagnostics and Genomics Group Q1'15 Q1'14
Q4'14 Orders $ 158 $ 156 $ 171 Revenue $ 148 $ 157 $ 172
Gross Margin, % 48.9 % 58.3 % 54.0 % Income from Operations $ 1 $
19 $ 26 Operating margin, % 0.5 % 12.3 % 14.9 %
Agilent Crosslab Group Q1'15 Q1'14
Q4'14 Orders $ 349 $ 334 $ 353 Revenue $ 331 $ 314 $ 332
Gross Margin, % 50.1 % 48.5 % 48.5 % Income from Operations $ 68 $
69 $ 78 Operating margin, % 20.7 % 22.0 % 23.6 % Income from
operations reflect the results of our reportable segments under
Agilent's management reporting system which are not necessarily in
conformity with GAAP financial measures. Income from operations of
our reporting segments exclude, among other things, charges related
to the amortization of intangibles, the impact of restructuring
charges, acquisition and integration costs, NMR business exit and
pre-separation costs. In general, recorded orders represent
firm purchase commitments from our customers with established terms
and conditions for products and services that will be delivered
within six months. Readers are reminded that non-GAAP
numbers are merely a supplement to, and not a replacement for, GAAP
financial measures. They should be read in conjunction with the
GAAP financial measures. It should be noted as well that our
non-GAAP information may be different from the non-GAAP information
provided by other companies. The preliminary segment
information is estimated based on our current information.
Page 6
AGILENT TECHNOLOGIES, INC. RECONCILIATIONS OF
REVENUE BY SEGMENT EXCLUDING THE IMPACT OF CURRENCY ADJUSTMENTS
(CORE) (in millions) (Unaudited)
PRELIMINARY
Year-over-Year
Currency
GAAP
Adjustments ((a))
Currency-Adjusted
Year-over-Year Year-over-Year
Revenue by
Segment
Q1'15 Q1'14 % Change
Q1'15 Q1'15 Q1'14 %
Change Life Sciences and Applied Markets Group $ 547 $
537 2% $ (18 ) $ 565 $ 537 5% Diagnostics and Genomics Group
148 157 (6%) (8 )
156 157 (1%) Agilent Crosslab Group 331 314 5% (14 )
345 314 10%
Agilent $ 1,026 $ 1,008 2% $ (40 ) $ 1,066 $ 1,008 6%
(a) We compare the year-over-year change in revenue
excluding the effect of foreign currency rate fluctuations to
assess the performance of our underlying business. To determine the
impact of currency fluctuations, current period results for
entities reporting in currencies other than United States dollars
are converted into United States dollars at the actual exchange
rate in effect during the respective prior periods.
The preliminary reconciliation of GAAP revenue adjusted for the
impact of currency is estimated based on our current information.
Page 7
Agilent Technologies Inc.Michele Drake, +1
408-345-8396michele_drake@agilent.comorINVESTOR CONTACT:Alicia
Rodriguez, +1 408-345-8948alicia_rodriguez@agilent.com
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