Agilent Technologies (NYSE: A) on Tuesday reported mixed results for the third quarter of 2023 when the medical device company’s adjusted earnings increased despite a drop in revenues.
The Santa Clara-based company said its third-quarter profit, on an adjusted basis, rose to $1.43 per share from $1.34 per share in the year-ago period.
Unadjusted net income was $111 million or $0.38 per share in Q3, compared to $329 million or $1.10 per share in the corresponding quarter of 2022. At $1.67 billion, revenues were down 2.7% from last year.
“Looking forward, we believe the current market environment is transitory, and are confident in our team and the long-term growth prospects of our end markets,” said Agilent’s CEO Mike McMullen.