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Agilent posts weak Q4 and year

Posted on: Tue, 17 Nov 2009 05:02:00 EST

Symbols: A

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Nov 17, 2009 (Datamonitor via COMTEX) --
A | Quote | Chart | News | PowerRating -- Testing equipment and chip maker Agilent Technologies has reported an 89% decline in net income to $25m for the fourth quarter 2009, compared to a net income of $231m in the same quarter last year. Revenue declined 21% to $1.16 billion.

Operating income fell 72% to $71m, while diluted EPS fell 89% to $0.07. Net cash provided by operating activities was $208m during the quarter.

The company said bio-analytical revenue fell 9% to $544m, with chemical analysis revenue down 10% and life sciences revenue down 7%. Electronic measurement revenue fell 29% to $542m, with general-purpose revenue down 17% to $373m, and communications revenue down 43% to $209m. Semiconductor and board test revenue fell 43% to $41m.

During the quarter, Agilent sold its N2X Data Networks Product Line to IP performance test systems and service verification platforms provider Ixia for $44m.

For fiscal 2009, Agilent has reported a net loss of $31m compared to a net income of $693m last year. Revenue declined 22% to $4.48 billion.

Bill Sullivan, president and chief executive at Agilent, said: "Fourth quarter orders of $1.27 billion were off only 11% from last year and up 19% sequentially. Non-GAAP earnings of $0.32 per share were well above our expectations. Our restructuring actions to lower Agilent's revenue breakeven by over half a billion dollars contributed meaningfully to this quarter's results. Our restructuring actions to achieve $525m of annualized savings by mid-2010 are on track."

Looking ahead to the first quarter 2010, the company expects revenue to be roughly flat compared with the same quarter last year, and non-GAAP earnings to be in the range of $0.28 to $0.32.

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