Agilent (A) Q3 earnings rise, beat forecast; revenue down 1%

Agilent Technologies (NYSE: A) reported third-quarter results Tuesday after the closing bell. Earnings increased from last year and surpassed the forecast. The stock traded higher immediately after the announcement.

The Santa Clara, California-based tech firm said its third-quarter profit, on an unadjusted basis, rose to $0.78 per share from $0.76 per share in the year-ago period and came in above the market’s projection.

Unadjusted net income moved up to $199 million or $0.64 per share from $191 million or $0.60 per share in the third quarter of 2019. At $1.26 billion, revenues were down 1% from last year but above the estimates.

“Under challenging conditions created by the global COVID-19 pandemic, Agilent again delivered strong results. While the world’s economies are expected to recover at different rates in the fourth quarter, we remain focused on growth and investing for the future, while effectively managing expenses,” said Agilent’s CEO Mike McMullen.

Looking forward to listening to management/analysts’ comments on Q3 results? Stay tuned here for Agilent’s Q3 2020 earnings call transcript

Agilent’s shares moved up during Tuesday’s extended trading, after closing the regular session higher. The stock has gained 41% since last year.