Agilent (A) Tops Q2 EPS by 9c, Trims FY13 Outlook; Adds to Buyback, Will Cut Jobs

May 14, 2013 4:11 PM EDT
(Updated - May 14, 2013 4:14 PM EDT)

Agilent Technologies, Inc. (NYSE: A) reported Q2 EPS of $0.77, $0.09 better than the analyst estimate of $0.68. Revenue for the quarter came in at $1.73 billion versus the consensus estimate of $1.75 billion.

Agilent announced that its board of directors has authorized an increase of $500 million to its existing stock repurchase program. Under the increased program, the company is authorized to repurchase up to $1 billion of its common stock, inclusive of amounts repurchased since Nov. 1, 2012. Agilent expects the program to be completed by the end of calendar year 2013.

Agilent also announced that it has initiated a targeted restructuring program that is expected to reduce Agilent’s total headcount by approximately 450 regular employees, representing approximately 2 percent of its global workforce. The timing and scope of workforce reductions will vary based on local legal requirements. When completed, the restructuring program is expected to result in an approximately $50 million reduction in annual operating expenses.

Agilent sees Q3 2013 EPS of $0.60-$0.64, versus the consensus of $0.74. Agilent also sees Q3 2013 revenue of $1.63-$1.66 billion, versus the consensus of $1.75 billion.

Agilent sees FY2013 EPS of $2.70-$2.85, versus the consensus of $2.88. Sees FY2013 revenue of $6.75-$6.85 billion, versus the consensus of $7.00 billion.

For earnings history and earnings-related data on Agilent Technologies, Inc. (A) click here.

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