Highlights:

• Revenue of $1.72 billion represents 6.8% reported growth year-over-year; and up 9.5% on a core⁽¹⁾ basis.
• GAAP net income of $302 million with earnings per share (EPS) of $1.02, up 12% from the second quarter of 2022.
• Non-GAAP⁽²⁾ net income of $377 million with EPS of $1.27, up 12% from the second quarter of 2022.
• Full-year revenue is now expected to be in the range of $6.93 billion to $7.03 billion, representing reported growth of 1.2% to 2.7% and core⁽¹⁾ growth of 3.0% to 4.5%. Fiscal year 2023 non-GAAP⁽³⁾ EPS is now estimated to be in the range of $5.60 to $5.65.
• Third-quarter revenue is expected to be in the range of $1.640 billion to $1.675 billion with non-GAAP⁽³⁾ EPS of $1.36 to $1.38. 

Agilent Technologies Inc. (NYSE: A) today reported revenue of $1.72 billion for the second quarter ended April 30, 2023, an increase of 6.8% compared to the second quarter of 2022 and up 9.5% on a core⁽¹⁾ basis.

Second-quarter GAAP net income was $302 million, or $1.02 per share. This compares with $274 million, or 91 cents per share, in the second quarter of fiscal year 2022. Non-GAAP⁽²⁾ net income was $377 million, or $1.27 per share during the quarter, compared with $340 million or $1.13 per share during the second quarter a year ago.

“In an increasingly challenging market environment, the Agilent team delivered solid results in the second quarter,” said Agilent President and CEO Mike McMullen. “Revenues of $1.72 billion are up 9.5 percent core⁽¹⁾ with growth across all end markets and regions. Our results are driven by an innovative and broad portfolio, a differentiated customer experience, and outstanding execution.”

Financial Highlights

Life Sciences and Applied Markets Group
Agilent’s Life Sciences and Applied Markets Group (LSAG) reported second-quarter revenue of $968 million, a year-over-year increase of 8% (up 10% on a core⁽¹⁾ basis). LSAG’s operating margin for the quarter was 27.3%.

Agilent CrossLab Group
The Agilent CrossLab Group (ACG) reported second-quarter revenue of $387 million, a year-over-year increase of 10% (up 13% on a core⁽¹⁾ basis). ACG’s operating margin for the quarter was 26.6%. 

Diagnostics and Genomics Group
The Diagnostics and Genomics Group (DGG) reported second-quarter revenue of $362 million, a year-over-year increase of 1% (up 3% on a core⁽¹⁾ basis). DGG’s operating margin for the quarter was 20.2%.

Full Year and Third-Quarter Outlook

Reflecting increased market uncertainties, full-year revenue is now expected to be in the range of $6.93 billion to $7.03 billion, representing reported growth of 1.2% to 2.7% and core⁽¹⁾ growth of 3.0% to 4.5%.  Fiscal year 2023 non-GAAP⁽³⁾ EPS guidance is now estimated to be in the range of $5.60 to $5.65.

The outlook for third-quarter revenue is expected to be in a range of $1.640 billion to $1.675 billion. Third-quarter non-GAAP⁽³⁾ earnings guidance is expected to be in the range of $1.36 to $1.38 per share.

The outlook is based on forecasted currency exchange rates.

Conference Call

Agilent’s management will present additional details regarding the company’s second-quarter 2023 financial results on a conference call with investors today at 1:30 p.m. PDT. This event will be broadcast live online in listen-only mode. To listen to the webcast, select the “Q2 2023 Agilent Technologies Inc. Earnings Conference Call” link on the Agilent Investor Relations website. The webcast will remain on the company site for 90 days.