On February 17, 2021 Agilent Technologies Inc. (NYSE: A) reported revenue of $1.55 billion for the first quarter ended Jan. 31, 2021, an increase of 14% compared to the first quarter of 2020 and up 11% on a core(1) basis (Press release, Agilent, FEB 17, 2021, https://www.agilent.com/about/newsroom/presrel/2021/16feb-gp21005.html [SID1234575194]). First-quarter GAAP net income was $288 million, or 93 cents per share. This compares with $197 million, or 63 cents per share, in the first quarter of fiscal year 2020. Non-GAAP(2) net income was $328 million, or $1.06 per share compared with $252 million, or 81 cents per share, during the first quarter a year ago.

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"Agilent’s performance in the first quarter was outstanding and exceeded our recently increased revenue expectations," said Mike McMullen, Agilent president and CEO. "Our revenue growth was broad based with all three business groups growing double-digits. The Agilent team stayed focused, executed extremely well and increased market share in key areas. Our ‘build and buy’ strategy is delivering for us and the outlook for the remainder of the year is quite strong."

Financial Highlights

Life Sciences and Applied Markets Group
First-quarter revenue of $722 million from Agilent’s Life Sciences and Applied Markets Group (LSAG) was up 13% year over year and 11% on a core(1) basis. LSAG’s operating margin was 27.6%.

Agilent CrossLab Group
First-quarter revenue of $532 million from the Agilent CrossLab Group (ACG) increased 13% year over year and was up 10% on a core(1) basis. ACG’s operating margin was 26.7%.

Diagnostics and Genomics Group
First-quarter revenue of $294 million from Agilent’s Diagnostics and Genomics Group (DGG) increased 18% year over year and was up 15% on a core(1) basis. DGG’s operating margin was 18.6 %.

Full-Year and Second-Quarter Outlook

Agilent has increased its outlook and now expects revenue of $5.825 billion to $5.900 billion for fiscal year 2021. Fiscal year 2021 non-GAAP(3) earnings guidance has also increased to a range of $3.80 to $3.90 per share.

Agilent expects second-quarter 2021 revenue in the range of $1.37 billion to $1.39 billion. Second-quarter 2021 non-GAAP(3) earnings are expected to be in the range of 78 cents to 80 cents per share.

The outlook is based on currency-exchange rates as of Jan. 31, 2021.

New Share Repurchase Program

Agilent today also announced that its board of directors has approved a new share repurchase program authorizing the repurchase of up to $2 billion of common stock. The new share repurchase program begins Feb. 18 and replaces the previous program. The timing and number of shares to be repurchased will depend on factors such as the share price, economic and market conditions, and corporate and regulatory requirements. The share repurchase program may be suspended, amended, or discontinued at any time.

Conference Call

Agilent’s management will present additional details regarding the company’s first-quarter 2021 financial results on a conference call with investors today at 1:30 p.m. PST. This event will be broadcast live online in listen-only mode. To listen to the webcast, select the "Q1 2021 Agilent Technologies Inc. Earnings Conference Call" link in the "News & Events — Events" portion of the Investor Relations section of the Agilent website. The webcast will remain on the company site for 90 days.