Earnings: Agilent’s (A) Q1 2024 profit declines on lower revenues

Healthcare company Agilent Technologies Inc. (NYSE: A) reported a decrease in adjusted earnings for the first quarter of 2024 when its revenues dropped 6% year-over-year.

Net income, on a reported basis, came in at $348 million or $1.18 per share in Q1, compared to $352 million or $1.19 per share in the same period of fiscal 2023. Adjusted earnings decreased 6% year-over-year to $1.29 per share during the three months.

The bottom line was negatively impacted by a 6% decline in revenues to $1.66 billion. For the second quarter, the management expects revenues to be in the range of $1.560 billion to $1.590 billion, and adjusted earnings between $1.17 per share and $1.20 per share.

Agilent’s CEO Mike McMullen said, “We are well positioned for long-term growth driven by our diversified business and multiple growth drivers. While near term market challenges remain, I continue to be optimistic about our future.”

Prior Performance