Highlights:

• Revenue of $1.72 billion represents 8% reported growth year-over-year; and up 13% on a core⁽¹⁾ basis.
• GAAP net income of $329 million with earnings per share (EPS) of $1.10, up 28% from the third quarter of 2021.
• Non-GAAP⁽²⁾ net income of $401 million with EPS of $1.34, up 22% from the third quarter of 2021.
• Full-year guidance raised with revenue now expected to be in the range of $6.750 billion to $6.775 billion, representing reported growth of 6.8% to 7.2% and core⁽¹⁾ growth of 9.9% to 10.3%. Full-year non-GAAP⁽³⁾ EPS is also raised to an estimated range of $5.06 to $5.08 per share.
• Fourth-quarter revenue expected to be in the range of $1.750 billion to $1.775 billion with non-GAAP⁽³⁾ EPS of $1.38 to $1.40.

Agilent Technologies Inc. (NYSE: A) today reported revenue of $1.72 billion for the third quarter ended July 31, 2022, an increase of 8% compared to the third quarter of 2021 and up 13% on a core⁽¹⁾ basis.

Third-quarter GAAP net income was $329 million, or $1.10 per share. This compares with $264 million, or 86 cents per share, in the third quarter of fiscal year 2021. Non-GAAP⁽²⁾ net income was $401 million, or $1.34 per share during the quarter, compared with $337 million or $1.10 per share during the third quarter a year ago.

“The Agilent team delivered an excellent quarter,” said Agilent President and CEO Mike McMullen. “The strong results in Q3, coupled with orders continuing to outpace revenues, highlight the ongoing strength and momentum of our diversified business. We are once again raising our full-year revenue and earnings outlook.”

Financial Highlights

In the first quarter of 2022, Agilent implemented certain changes to its segment reporting structure. Prior period segment information has been recast to reflect these changes. These changes have no impact on Agilent’s consolidated financial statements.

Life Sciences and Applied Markets Group

Agilent’s Life Sciences and Applied Markets Group (LSAG) reported third-quarter revenue of $1.019 billion, a year over year increase of 14% (up 18% on a core⁽¹⁾ basis). LSAG’s operating margin for the quarter was 30.5%.

Agilent CrossLab Group

The Agilent CrossLab Group (ACG) reported third-quarter revenue of $359 million, a year over year increase of 5% (up 10% on a core⁽¹⁾ basis). ACG’s operating margin for the quarter was 24.6%.

Diagnostics and Genomics Group

The Diagnostics and Genomics Group (DGG) reported third-quarter revenue of $340 million, a year over year decrease of 2% (up 3% on a core⁽¹⁾ basis). DGG’s operating margin for the quarter was 21.5%.

Full Year and Fourth-Quarter Outlook

Agilent has increased its outlook and expects full-year revenue to be in the range of $6.750 billion to $6.775 billion, representing reported growth of 6.8% to 7.2% and core⁽¹⁾ growth of 9.9% to 10.3%. Agilent has also increased full-year non-GAAP⁽³⁾ EPS to an estimated range of $5.06 to $5.08 per share.

The outlook for fourth-quarter revenue is expected to be in a range of $1.750 billion to $1.775 billion. Fourth-quarter non-GAAP⁽³⁾ earnings guidance is expected to be in the range of $1.38 to $1.40 per share.

The outlook is based on July 31, 2022, currency exchange rates.