Agilent Technologies Q2 Results Miss Street, Cuts FY Outlook; Shares Down 8%

(RTTNews) - Shares of Agilent Technologies, Inc. (A) slipped 8% in extended trading session on Tuesday after the company reported a second-quarter results that missed Wall Street estimates and lowered its full-year sales outlook.

The Santa Clara, California-based company's second-quarter profit dropped to $182 million or $0.57 per share from $205 million or $0.63 per share last year.

Excluding items, Agilent's second-quarter adjusted earnings were $228 million or $0.71 per share for the period, up from $212 million or $0.65 per share last year. Analysts polled by Thomson Reuters had expected the company to earn $0.72 per share. Analysts' estimates typically exclude special items.

Agilent's revenues for the quarter rose 2.5% to $1.24 billion from $1.21 billion last year. Analysts had a consensus revenue estimate of $1.27 billion for the quarter.

"While overall revenues were below our expectations, the story of our second quarter results is one where we demonstrated the resilience of Agilent's business model," said CEO Mike McMullen. "Two of our three business units continued to deliver strong growth while the third was affected by soft market conditions."

Looking forward to third quarter, Agilent expects revenues of $1.225 billion to $1.245 billion and adjusted earnings of $0.71 to $0.73 per share. Analysts currently estimate earnings of $0.73 per share and revenues of $1.27 billion.

For fiscal year 2019, the company lowered its revenues guidance to $5.085 billion to $5.125 billion and reaffirmed adjusted earnings guidance of $3.03 to $3.07 per share. Analysts currently estimate earnings of $3.07 per share and revenues of $5.19 billion.

Previously, Agilent expected revenues of $5.15 billion to $5.19 billion for 2019.

A closed Tuesday's trading at $76.01, up $2.17 or 2.94%, on the NYSE. The stock, however, dropped $6.19 or 8.14% in the after-hours trade.