Agilent More Than Meets Analyst Targets, Sets a Spin-Off Date; Shares Surge 5%
Measurement technology expert Agilent Technologies just reported fourth-quarter results, sending the stock more than 5% higher in after-hours trading.
Agilent's sales decreased 3% year over year, to $1.7 billion, in line with analyst expectations. On the bottom line, adjusted earnings fell 6%, to $0.81 per share. Analysts would have settled for EPS of $0.76. For the 2014 fiscal year, Agilent's new guidance ranges sit right in line with analyst targets.
The electronic measurements division saw sales falling 14% year over year. Chemical analysis operations increased sales by 4%, and life sciences with diagnostics jumped 8% higher.
The after-hours boost puts Agilent shares within pennies of multi-year highs. The stock has enjoyed a gradual rise since Agilent announced a plan to spin off its electronic measurements operations into a separate company, leaving the life sciences and chemical businesses to carry on the Agilent name separately.
The separation was announced without a firm date. In the fourth-quarter report, Agilent provided a target date for the first time. The separation should complete nearly a year from now, in early November of 2014. Preparations for the split added $5 million of one-time costs to this quarter, which were excluded from the non-GAAP earnings figure.
The article Agilent More Than Meets Analyst Targets, Sets a Spin-Off Date; Shares Surge 5% originally appeared on Fool.com.Fool contributor Anders Bylund has no position in any stocks mentioned. Check out Anders' bio and holdings or follow him on Twitter, LinkedIn, and Google+. The Motley Fool has no position in any of the stocks mentioned. 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.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.