Agilent Technologies Reports Lower Sales in Q3
Agilent Technologies reports a decrease in sales for Q3, with adjusted earnings surpassing analysts' expectations. Challenges in China impact the company's life-sciences segment.
Agilent Technologies, a laboratory instruments manufacturer based in Santa Clara, California, has reported a decrease in sales for the fiscal third quarter. The company's life-sciences segment was particularly affected by challenges in China.
In the three-month period ending July 31, Agilent Technologies recorded a profit of $111 million, or 38 cents per share. This is a decline from $329 million, or $1.10 per share, in the same quarter of the previous year.
Adjusted earnings reached $1.43 per share, surpassing the analysts' expectations of $1.36 per share, according to a FactSet survey.
Although sales experienced a 2.7% decline to $1.67 billion, they still exceeded analysts' expectations of $1.66 billion, as reported by FactSet. The core revenue, which excludes the impact of currency translation, fell by 2.3%.
Challenges in China
Despite the challenging macroeconomic market conditions, particularly in China, Chief Executive Mike McMullen praised the Agilent team for executing well during the quarter.
The Life Sciences and Applied Markets Group, however, reported a significant decline of 9% in revenue, partially offsetting the year-over-year increases in the company's other two segments.