On November 25, 2019 Agilent Technologies Reported that Fourth-Quarter and Fiscal Year 2019 Financial Results (Press release, Agilent, NOV 25, 2019, https://www.agilent.com/about/newsroom/presrel/2019/25nov-gp19026.html [SID1234551649]).
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Highlights:
Fourth-quarter fiscal year 2019
Revenue of $1.37 billion represents 6% reported growth; and up 4% on a core(1) basis led by strong results from the Agilent CrossLab Group and the Diagnostics and Genomics Group
GAAP net income of $194 million with EPS of 62 cents, up 2% year over year
Non-GAAP(2) net income of $277 million with EPS of 89 cents, up 10% year over year
Fiscal year 2019
Fiscal year 2019 revenue of $5.16 billion delivers 5% reported growth and a 5% increase in core(1) revenue over fiscal year 2018
Full-year GAAP net income of $1.07 billion with EPS of $3.37, up 247% year over year
Non-GAAP(2) net income of $989 million with EPS of $3.11, up 11% year over year
Outlook
Fiscal year 2020 revenue expected in the range of $5.50 billion to $5.55 billion, representing core(1) growth of 4% to 5%. Fiscal year 2020 non-GAAP(3) earnings guidance of $3.38 to $3.43 per share
Fiscal first-quarter revenue guidance of $1.340 billion to $1.355 billion, representing core(1) revenue growth of 2.5% to 3.5%. Fiscal first-quarter non-GAAP(3) earnings guidance of 80 cents to 81 cents per share
Agilent Technologies, Inc. (NYSE: A) today reported revenue of $1.37 billion for the fourth quarter ended Oct. 31, 2019, up 6% year over year (core(1) growth of 4%).
On a GAAP basis, fourth-quarter net income was $194 million, or 62 cents per share. This compares with $195 million, or 61 cents per share, in the fourth quarter of fiscal year 2018. Non-GAAP(2) net income was $277 million, or 89 cents per share, during the quarter, compared with $262 million or 81 cents per share during the fourth quarter a year ago.
"Agilent’s fourth-quarter results cap off a very solid 2019 and reflect the broad-based business we’ve built over the last five years," said Mike McMullen, Agilent president and CEO. "Based on what we’ve been able to achieve in 2019, I’m convinced we’re in an exceptionally strong position for the future."
Financial Highlights
Life Sciences and Applied Markets Group
Fourth-quarter revenue of $622 million from Agilent’s Life Sciences and Applied Markets Group (LSAG) grew a reported 4% year over year (declining 2% on a core(1) basis). LSAG’s operating margin for the quarter was 25.3%. Full-year revenue of $2.30 billion increased a reported 1% versus fiscal 2018 (down 1% on a core(1) basis). LSAG’s operating margin for the year was 23.5%.
Agilent CrossLab Group
Agilent CrossLab Group (ACG) posted fourth-quarter revenue of $476 million, representing year-over-year reported growth of 8% (up 10% on a core(1) basis). ACG’s operating margin for the quarter was 28.0%. Full-year revenue of $1.84 billion grew a reported 8% over last year (up 10% on a core(1) basis). ACG’s operating margin for the year was 25.8%.
Diagnostics and Genomics Group
The Diagnostics and Genomics Group (DGG) generated fourth-quarter revenue of $269 million, up a reported 5% year over year (up 7% on a core(1) basis). DGG posted operating margins of 19.7%. Full-year revenue was $1.02 billion, which was up a reported 8% year over year (up 9% on a core(1) basis). DGG’s operating margin for the year was 18.2%.
Full-Year and Fourth Quarter Outlook
For fiscal year 2020, Agilent expects revenue of $5.50 billion to $5.55 billion. Fiscal year 2020 non-GAAP(3) earnings guidance is in the range of $3.38 to $3.43 per share.
Agilent expects fiscal first-quarter 2020 revenue in the range of $1.340 billion to $1.355 billion. First-quarter 2020 non-GAAP(3) earnings are expected to be in the range of 80 cents to 81 cents per share.
The outlook is based on Oct. 31, 2019, currency exchange rates.
Conference Call
Agilent’s management will present more details about its fourth-quarter and fiscal year 2019 financial results on a conference call with investors today at 1:30 p.m. (Pacific time). This event will be webcast live in listen-only mode. Listeners may log on to Agilent’s Investor Relations web page and select "Q4 2019 Agilent Technologies Inc. Earnings Conference Call" in the "News & Events – 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.