Agilent Q1 Net Drops 22%, Guidance Lowered
Agilent Technologies has unveiled results for its fiscal Q1 2013. For the quarter, the company's net revenue inched up 3% on a year-over-year basis, to $1.7 billion. GAAP net income, however, fell by 22%, to $179 million ($0.51 per diluted share). Non-GAAP net income came in at $222 million ($0.63 diluted EPS), down from Q1 2012's $244 million ($0.69).
At least some of the decline can be attributed to the performance of the firm's core electronic-measurement segment, which has seen weak demand of late. Quarterly revenues in the segment dropped 7% from those of Q1 2012.
Agilent reduced its guidance for fiscal 2013. It now expects revenue of $6.9 billion-$7.1 billion, and non-GAAP EPS of $2.70-$3.00. Previously, the company had anticipated $7.0 billion-$7.2 billion, and $2.80-$3.10.
For its current quarter, the firm believes it will post $1.74 billion-$1.77 billion in revenue, and net $0.64-$0.70 per share.
The article Agilent Q1 Net Drops 22%, Guidance Lowered originally appeared on Fool.com.Fool contributor Eric Volkman has no position in Agilent Technologies. The Motley Fool has no position in Agilent Technologies. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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