On February 18, w2020 Agilent Technologies Inc. (NYSE: A) reported revenue of $1.36 billion for the first quarter ended Jan. 31, 2020, up 5.7% year over year (and up 2.4% on a core(1) basis) (Press release, Agilent, FEB 18, 2020, https://www.agilent.com/about/newsroom/presrel/2020/18feb-gp2004.html [SID1234554419]).

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On a GAAP basis, first-quarter net income was $197 million or 63 cents per share. This compares with $504 million or $1.57 per share in the first quarter of fiscal year 2019. GAAP earnings per share were down 60% year over year. Non-GAAP(2) net income was $252 million or 81 cents per share during the quarter compared with $244 million or 76 cents per share during the first quarter a year ago. Non-GAAP earnings per share were up 7% year over year.

"The Agilent team delivered a strong start to 2020. Our revenues were above expectations with growth across all regions and markets, and earnings per share at the top end of our guidance," said Mike McMullen, Agilent president and CEO. "Our first-quarter results provide clear evidence our growth strategy is working."

Financial Highlights

Life Sciences and Applied Markets Group

First-quarter revenue of $638 million from Agilent’s Life Sciences and Applied Markets Group (LSAG) was up 5% year over year (and down 2% on a core(1) basis). LSAG’s operating margin was 24.8%.

Agilent CrossLab Group

First-quarter revenue of $470 million from the Agilent CrossLab Group (ACG) grew 6% year over year (up 7% on a core(1) basis). ACG’s operating margin was 25.4%.

Diagnostics and Genomics Group

First-quarter revenue of $249 million from Agilent’s Diagnostics and Genomics Group (DGG) grew 6% year over year (up 7% on a core(1) basis). DGG’s operating margin was 13.5%.

Second-Quarter and Full-Year Outlook

Agilent expects second-quarter 2020 revenue in the range of $1.28 billion to $1.32 billion. Second-quarter 2020 non-GAAP(3) earnings are expected to be in the range of 72 cents to 76 cents per share after factoring in the potential impact of the coronavirus disease 2019 (COVID-19).

The company is maintaining its previous outlook and expects revenue of $5.50 billion to $5.55 billion for fiscal year 2020. Fiscal year 2020 non-GAAP(3) earnings guidance also remains unchanged in the range of $3.38 to $3.43 per share.

The outlook is based on Jan. 31, 2020, currency exchange rates.

Conference Call

Agilent’s management will present additional detail regarding the company’s first-quarter 2020 financial results on a conference call with investors today at 1:30 p.m. PST. This event will be webcast live in listen-only mode. Listeners may log on at www.investor.agilent.com and select "Q1 2020 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 financial information can be found at www.investor.agilent.com by selecting "Financial Results" in the "Financial Information" section.