Agilent Tech Q2 Net Drops, Job Cuts and Share Repurchase Widening Announced

Agilent Technologies results for the company's Q2 have been released. For the quarter, net revenue was flat on a year-over-year basis at $1.73 billion. Net profit, however, experienced a drop of 35% over that time frame, landing at $166 million ($0.48 per diluted share) from Q2 2012's $255 million ($0.72).

On a non-GAAP basis, those bottom-line totals were $269 million ($0.77) and $275 million ($0.78), respectively.

Going forward, the company provided guidance for future periods. For its current Q3, revenue is anticipated to be $1.63 billion-$1.66 billion, with non-GAAP EPS of $0.60-$0.64. Those figures for the entirety of fiscal 2013 are expected to be $6.75 billion-$6.85 billion and $2.70-$2.85, respectively.

Agilent will have to make that money with a reduced workforce. The firm announced that it has launched a restructuring program that will trim its employee rolls by roughly 450 people, or around 2% of its global total.

Lastly, the company's board has authorized a $500 million expansion to its common stock repurchase program. All told, the full authorization is for $1 billion, back-dated to Nov. 1, 2012. The program is expected to close at the end of this calendar year.

The article Agilent Tech Q2 Net Drops, Job Cuts and Share Repurchase Widening Announced originally appeared on Fool.com.

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