Agilent (A) Posts 'Beat and Raise' Q3

August 16, 2010 5:35 PM EDT
Agilent Technologies Inc. (NYSE: A) posted better-than-expected third-quarter profit on Monday due to a boost in orders, while the company also raised its full-year earnings forecast.

The electronics testing equipment maker reported third-quarter earnings of $2.05 million or 58 cents per share, reversing a loss of $19 million or 6 cents per share in the same quarter last year.

Excluding one-time items, Agilent earned 54 cents per share in the quarter, 6 cents better than the analyst estimate of 48 cents per share.

Revenue for the company rose 31 percent to $1.38 billion in the three month period ended July 31, compared to the market consensus of $1.40 billion.

"We are pleased with a very solid quarter. The Varian integration is going well, and we had excellent organic growth across all of our instrument platforms and geographies,” Bill Sullivan, Agilent president and CEO, said. "Our business outlook remains strong and we have raised guidance for the remainder of the fiscal year. We are excited about our robust pipeline of new product introductions and expect to take advantage of the many opportunities across our broad range of markets."

Looking forward, Agilent sees fourth-quarter earnings of 58 cents to 59 cents on sales of $1.52 billion, compared to the Street’s view of 54 cents per share and $1.5 billion respectively.

For the full year, the company raised its earnings guidance to a range of $1.94 to $1.95 per share from a prior view of $1.70 to $1.75 per share, compared to the consensus of $1.82 per share.

Shares of Agilent are up 2.65 percent to $27.88 in aftermarket movement on Monday.

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