• Revenue of $1.61 billion represents 5% reported growth; and up 7% on a core⁽¹⁾ basis. 

• GAAP net income of $274 million with earnings per share (EPS) of 91 cents, up 30% from the second quarter of 2021.

• Non-GAAP⁽²⁾ net income of $340 million with EPS of $1.13, up 16% from the second quarter of 2021.

• Full-year revenue is expected to be in the range of $6.67 billion to $6.73 billion, representing reported growth of 5.6% to 6.5% and increased core⁽¹⁾ growth to a range of 8% to 9%. Fiscal year 2022 non-GAAP⁽³⁾ EPS is increased to an estimated range of $4.86 to $4.93 per share.

• Third-quarter revenue expected to be in the range of $1.625 billion to $1.650 billion with non-GAAP⁽³⁾ EPS of $1.20 to $1.22. 

Financial Tables | 

Agilent Technologies Inc. (NYSE: A) today reported revenue of $1.61 billion for the second quarter ended April 30, 2022, an increase of 5% compared to the second quarter of 2021 and up 7% on a core⁽¹⁾ basis.

Second-quarter GAAP net income was $274 million, or 91 cents per share. This compares with $216 million, or 70 cents per share, in the second quarter of fiscal year 2021. Non-GAAP⁽²⁾ net income was $340 million, or $1.13 per share during the quarter, compared with $299 million or 97 cents per share during the second quarter a year ago.

“The Agilent team delivered once again, demonstrating the resilience and strength of our business model,” said Agilent President and CEO Mike McMullen. “We delivered 7% core revenue growth, exceeded our EPS expectations and continued to build order backlog, all despite macro challenges including temporary COVID-19 shutdowns in China. Our momentum continues and we have again raised our full-year 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 second-quarter revenue of $896 million, a year-over-year increase of 2% (up 4% on a core⁽¹⁾ basis). LSAG’s operating margin for the quarter was 25.5%.

Agilent CrossLab Group

The Agilent CrossLab Group (ACG) reported second-quarter revenue of $353 million, a year-over-year increase of 7% (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 second-quarter revenue of $358 million, a year-over-year increase of 14% (up 15% on a core⁽¹⁾basis). DGG’s operating margin for the quarter was 25.5%.

Full Year and Third-Quarter Outlook

Agilent has increased fiscal year 2022 non-GAAP⁽³⁾ EPS to an estimated range of $4.86 to $4.93 per share and continues to expect revenue of $6.67 billion to $6.73 billion for the full-year outlook, representing reported growth of 5.6% to 6.5% and resulting in an increase in core⁽¹⁾ growth to a range of 8% to 9%.

The outlook for fiscal 2022 third-quarter revenue is expected to be in a range of $1.625 billion to $1.650 billion. Fiscal third-quarter non-GAAP⁽³⁾ earnings guidance is in a range of $1.20 to $1.22 per share.

The outlook is based on April 30, 2022, currency exchange rates.