Agilent delivers outstanding quarter wrapping
up an excellent 2018
Highlights:
Fourth Quarter
- Q4 revenue of $1.29 billion,
representing growth of 9 percent with core revenue growth of 9
percent(1)
- Q4 GAAP net income of $195 million, or
$0.61 per share
- Q4 non-GAAP net income of $262 million,
or $0.81 per share(2), an increase of 21 percent from 2017
- Board authorizes new $1.75 billion
share repurchase program
Full Year
- Full year revenue of $4.91 billion,
representing 10 percent growth and core growth of 7 percent(1)
- Full year GAAP net income of $316
million, or $0.97 per share
- Full year non-GAAP net income of $907
million, or $2.79 per share(2), an increase of 18 percent from
2017
Outlook
- Fiscal year 2019 revenue guidance of
$5.13 billion to $5.17 billion, representing growth of 4.4 to 5.2
percent and core growth of 5.0 to 5.5 percent(1). Non-GAAP earnings
guidance of $3.00 to $3.05 per share(3)
- First-quarter fiscal year 2019 revenue
guidance of $1.265 billion to $1.280 billion, representing growth
of 4.4 to 5.7 percent and core revenue growth of 4.5 to 5.5
percent(1). Non-GAAP earnings guidance of $0.71 to $0.73 per
share(3)
Agilent Technologies, Inc. (NYSE: A) today reported revenue
of $1.29 billion for the fourth-quarter ended October 31, 2018, up
9 percent year over year (up 9 percent on a core basis(1)).
Fourth-quarter GAAP net income was $195 million, or $0.61 per
share. Last year’s fourth-quarter GAAP net income was $177 million,
or $0.54 per share.
“The Agilent team delivered an outstanding quarter to wrap up
the fiscal year with revenues and earnings per share ahead of
expectations,” said Mike McMullen, Agilent CEO and President. “Our
performance this quarter caps off an excellent 2018 as we achieved
our highest annual core growth rate and profitability since
becoming a stand-alone life sciences company in 2014.”
“During the quarter we continued our investment in growth
introducing new and differentiated products and services,”
continued McMullen. “We leveraged our strong balance sheet
completing several acquisitions to further strengthen our
portfolio. We also returned over $600 million to shareholders
through stock buybacks and dividends this year.
“We enter fiscal 2019 with momentum. Our focus remains on
executing our shareholder value creation model to deliver superior
earnings growth.”
Financial Highlights
Life Sciences and Applied Markets Group
Fourth-quarter revenue of $597 million from Agilent’s Life
Sciences and Applied Markets Group (LSAG) grew 8 percent year over
year (up 9 percent on a core basis(1)), with broad-based strength
across major end markets, platforms and regions. LSAG’s operating
margin for the quarter was 25.9 percent. Full-year revenue of $2.3
billion grew 9 percent year over year (up 7 percent on a core
basis(1)). LSAG’s operating margin for the year was 24.1
percent.
Agilent CrossLab Group
Fourth-quarter revenue of $441 million from Agilent CrossLab
Group (ACG) grew 9 percent year over year (up 9 percent on a core
basis(1)). Demand was excellent across both services and
consumables. ACG’s operating margin for the quarter was 24.7
percent. Full-year revenue of $1.7 billion grew 11 percent year
over year (up 8 percent on a core basis(1)). ACG’s operating margin
for the year was 23.3 percent.
Diagnostics and Genomics Group
Fourth-quarter revenue of $256 million from Agilent’s
Diagnostics and Genomics Group (DGG) grew 9 percent year over year
(up 5 percent on a core basis(1)) led by pharma growth and strong
demand for genomics and NASD products. DGG’s operating margin for
the quarter was 23.3 percent. Full-year revenue of $943 million
grew 10 percent year over year (up 5 percent on a core basis(1)).
DGG’s operating margin for the year was 18.9 percent.
2019 First Quarter and Full Year Outlook
For fiscal year 2019, Agilent expects revenue of $5.13 billion
to $5.17 billion, representing growth of 4.4 to 5.2 percent and
core growth of 5.0 to 5.5 percent(1). Full-year 2019 non-GAAP
earnings of $3.00 to $3.05 per share(3). The guidance is based on
October 31, 2018 currency exchange rates.
Agilent expects first-quarter 2019 revenue in the range of
$1.265 billion to $1.280 billion, representing growth of 4.4 to 5.7
percent and core revenue growth of 4.5 to 5.5 percent(1).
First-quarter 2019 non-GAAP earnings are expected to be in the
range of $0.71 to $0.73 per share(3).
New Share Repurchase Program
Agilent’s Board of Directors approved a new share repurchase
program authorizing the purchase of up to $1.75 billion of common
stock. The 2018 share repurchase program commences on November 21,
2018, replacing the previous program.
The number of shares to be repurchased and the timing of any
repurchases will depend on factors such as the share price,
economic and market conditions, and corporate and regulatory
requirements. The share repurchase program may be suspended,
amended or discontinued at any time.
Conference Call
Agilent’s management will present more details about its
fourth-quarter FY2018 financial results on a conference call with
investors today at 1:30 p.m. (Pacific Time). This event will be
webcast live in listen-only mode. Listeners may log on at
www.investor.agilent.com and select “Q4 2018 Agilent Technologies
Inc. Earnings Conference Call” in the “News & Events Calendar
of Events” section. The webcast will remain available on the
company’s website for 90 days.
Additional information regarding financial results can be found
at www.investor.agilent.com by selecting “Financial Results” in the
“Financial Information” section.
In addition, a telephone replay of the conference call will be
available at approximately November 19, 2018 at 4:30 p.m. (Pacific
Time) after the call and through November 26 by dialing +1
855-859-2056 (or +1 404-537-3406 from outside the United States)
and entering pass code 6519506.
About Agilent Technologies
Agilent Technologies Inc. (NYSE: A) is a global leader in life
sciences, diagnostics and applied chemical markets. With more than
50 years of insight and innovation, Agilent instruments, software,
services, solutions and people provide trusted answers to its
customers’ most challenging questions. The company generated
revenues of $4.91 billion in fiscal 2018 and employs 14,500 people
worldwide. Information about Agilent is available at
www.agilent.com.
Forward-Looking Statements
This news release contains forward-looking statements as defined
in the Securities Exchange Act of 1934 and is subject to the safe
harbors created therein. The forward-looking statements contained
herein include, but are not limited to, information regarding
Agilent’s future revenue, earnings and profitability; planned new
products; market trends; the future demand for the company’s
products and services; customer expectations; information regarding
the company’s share repurchase programs, and revenue and non-GAAP
earnings guidance for the first quarter and full fiscal year 2019.
These forward-looking statements involve risks and uncertainties
that could cause Agilent’s results to differ materially from
management’s current expectations. Such risks and uncertainties
include, but are not limited to, unforeseen changes in the strength
of our customers’ businesses; unforeseen changes in the demand for
current and new products, technologies, and services; unforeseen
changes in the currency markets; customer purchasing decisions and
timing, and the risk that we are not able to realize the savings
expected from integration and restructuring activities. In
addition, other risks that Agilent faces in running its operations
include the ability to execute successfully through business
cycles; the ability to meet and achieve the benefits of its
cost-reduction goals and otherwise successfully adapt its cost
structures to continuing changes in business conditions; ongoing
competitive, pricing and gross-margin pressures; the risk that our
cost-cutting initiatives will impair our ability to develop
products and remain competitive and to operate effectively; the
impact of geopolitical uncertainties and global economic conditions
on our operations, our markets and our ability to conduct business;
the ability to improve asset performance to adapt to changes in
demand; the ability of our supply chain to adapt to changes in
demand; the ability to successfully introduce new products at the
right time, price and mix; the ability of Agilent to successfully
integrate recent acquisitions; the ability of Agilent to
successfully comply with certain complex regulations; and other
risks detailed in Agilent’s filings with the Securities and
Exchange Commission, including our quarterly report on Form 10-Q
for the fiscal quarter ended July 31, 2018. Forward-looking
statements are based on the beliefs and assumptions of Agilent’s
management and on currently available information. Agilent
undertakes no responsibility to publicly update or revise any
forward-looking statement.
(1) Core revenue growth excludes the impact
of currency and acquisitions and divestitures within the past 12
months. Core revenue is a non-GAAP measure. A reconciliation
between Q4 FY18 and full fiscal year 2018 GAAP revenue and core
revenue is set forth on pages 6 and 7 of the attached tables along
with additional information regarding the use of this non-GAAP
measure. Core revenue growth rate as projected for Q1 FY19 and full
fiscal year 2019 excludes the impact of currency, acquisitions and
divestitures within the past 12 months. Most of the excluded
amounts pertain to events that have not yet occurred and are not
currently possible to estimate with a reasonable degree of accuracy
and could differ materially. Therefore, no reconciliation to GAAP
amounts has been provided for the projection.
(2) Non-GAAP net income and non-GAAP earnings
per share primarily exclude the impacts of non-cash asset
impairments and intangibles amortization, business exit and
divestiture costs, transformational initiatives, acquisition and
integration costs, pension settlement gain, gain on step
acquisition of Lasergen, Nucleic Acid Solutions Division (“NASD”)
site costs and special compliance costs. We also exclude any tax
benefits or expenses that are not directly related to ongoing
operations and which are either isolated or are not expected to
occur again with any regularity or predictability. A reconciliation
between non-GAAP net income and GAAP net income is set forth on
page 4 of the attached tables along with additional information
regarding the use of this non-GAAP measure.
(3) Non-GAAP earnings per share as projected
for Q1 FY19 and full fiscal year 2019 excludes primarily the
impacts of non-cash asset impairments and intangibles amortization,
business exit and divestiture costs, transformational initiatives,
acquisition and integration costs, pension settlement gain, Nucleic
Acid Solutions Division (“NASD”) site costs and special compliance
costs. We also exclude any tax benefits that are not directly
related to ongoing operations and which are either isolated or are
not expected to occur again with any regularity or predictability,
including the impact of U.S. Tax Cuts and Jobs Act (Tax Reform).
Most of these excluded amounts that pertain to events that have not
yet occurred and are not currently possible to estimate with a
reasonable degree of accuracy and could differ materially.
Therefore, no reconciliation to GAAP amounts has been provided.
Future amortization of intangibles is expected to be approximately
$26 million per quarter.
NOTE TO EDITORS: Further technology,
corporate citizenship and executive news is available on the
Agilent news site at www.agilent.com/go/news.
AGILENT TECHNOLOGIES, INC. CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS (In millions, except
per share amounts) (Unaudited) PRELIMINARY
Three Months Ended Years Ended October
31, October 31, 2018
2017 2018 2017
Net revenue $ 1,294 $ 1,189 $ 4,914 $ 4,472
Costs and expenses: Cost of products and services 585 542 2,227
2,063 Research and development 104 89 385 339 Selling, general and
administrative 356 325 1,374
1,229 Total costs and expenses 1,045
956 3,986 3,631
Income from operations 249 233 928 841 Interest
income 10 7 38 22 Interest expense (18 ) (20 ) (75 ) (79 ) Other
income (expense), net 3 6 55
19 Income before taxes 244 226 946 803
Provision for income taxes 49 49 630 119
Net income $ 195 $ 177 $ 316 $
684 Net income per share: Basic $ 0.61
$ 0.55 $ 0.98 $ 2.12 Diluted $ 0.61 $ 0.54 $ 0.97 $ 2.10
Weighted average shares used in computing net income per share:
Basic 319 322 321 322 Diluted 322 326 325 326 Cash dividends
declared per common share $ 0.149 $ 0.132 $ 0.596 $ 0.528
The preliminary income statement is estimated based
on our current information. Page 1
AGILENT
TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEET
(In millions, except par value and share amounts)
(Unaudited) PRELIMINARY October
31, October 31, 2018 2017 ASSETS
Current assets: Cash and cash equivalents $ 2,247 $ 2,678 Accounts
receivable, net 776 724 Inventory 638 575 Other current assets
187 192 Total current assets 3,848
4,169 Property, plant and equipment, net 822 757 Goodwill
and other intangible assets, net 3,464 2,968 Long-term investments
68 138 Other assets 339 394 Total
assets $ 8,541 $ 8,426 LIABILITIES AND EQUITY
Current liabilities: Accounts payable $ 340 $ 305 Employee
compensation and benefits 304 276 Deferred revenue 324 291
Short-term debt — 210 Other accrued liabilities 203
181 Total current liabilities 1,171 1,263
Long-term debt 1,799 1,801 Retirement and post-retirement benefits
239 234 Other long-term liabilities 761 293
Total liabilities 3,970 3,591
Total Equity: Stockholders' equity: Preferred stock; $0.01
par value; 125 million shares authorized; none issued and
outstanding — — Common stock; $0.01 par value, 2 billion shares
authorized; 318 million shares at October 31, 2018 and 322 million
shares at October 31, 2017, issued 3 3 Additional paid-in-capital
5,308 5,300 Accumulated deficit (336 ) (126 ) Accumulated other
comprehensive loss (408 ) (346 ) Total stockholders'
equity 4,567 4,831 Non-controlling interest 4
4 Total equity 4,571 4,835 Total
liabilities and equity $ 8,541 $ 8,426
The preliminary balance sheet is estimated based on our
current information. Page 2
AGILENT
TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENT OF CASH
FLOWS (In millions) (Unaudited)
PRELIMINARY Years Ended
October 31, October 31, 2018 2017 Cash
flows from operating activities: Net income $ 316 $ 684
Adjustments to reconcile net income to net cash provided by (used
in) operating activities: Depreciation and amortization 210 212
Share-based compensation 70 60 Excess and obsolete inventory
related charges 26 24 Gain on step acquisition of Lasergen (20 ) —
Asset impairment charges 21 — Other non-cash expenses, net 9 7
Changes in assets and liabilities: Accounts receivable, net (65 )
(81 ) Inventory (83 ) (61 ) Accounts payable 40 2 Employee
compensation and benefits 31 38 Change in assets and liabilities
due to Tax Act 552 — Other assets and liabilities (20 )
4 Net cash provided by operating activities (a) 1,087
889 Cash flows from investing activities: Investments in
property, plant and equipment (177 ) (176 ) Proceeds from sale of
property, plant and equipment 1 — Payment to acquire cost method
investments (11 ) (1 ) Proceeds from divestitures — 2 Change in
restricted cash and cash equivalents, net 1 (1 ) Payment in
exchange for convertible note (2 ) (1 ) Acquisition of businesses
and intangible assets, net of cash acquired (516 )
(128 ) Net cash used in investing activities (704 ) (305 )
Cash flows from financing activities: Issuance of common stock
under employee stock plans 56 66 Payment of taxes related to net
share settlement of equity awards (30 ) (14 ) Payment of dividends
(191 ) (170 ) Proceeds from revolving credit facility 483 400
Repayment of debt and revolving credit facility (693 ) (290 )
Treasury stock repurchases (422 ) (194 ) Net cash
used in financing activities (797 ) (202 ) Effect of
exchange rate movements (17 ) 7 Net increase (decrease) in
cash and cash equivalents (431 ) 389 Cash and cash
equivalents at beginning of period 2,678 2,289
Cash and cash equivalents at end of period $ 2,247
$ 2,678 (a) Cash payments included in
operating activities: Income tax payments (refunds), net $ 102 $ 63
Interest payments $ 80 $ 82 The preliminary
cash flow is estimated based on our current information.
Page 3
AGILENT TECHNOLOGIES,
INC. NON-GAAP NET INCOME AND DILUTED EPS RECONCILIATIONS
(In millions, except per share amounts) (Unaudited)
PRELIMINARY Three Months Ended Years
Ended October 31, October 31, 2018
Diluted EPS
2017
Diluted EPS
2018
Diluted EPS
2017
Diluted EPS
GAAP net income $ 195 $ 0.61 $ 177 $ 0.54 $ 316 $ 0.97 $ 684
$ 2.10 Non-GAAP adjustments: Asset impairments 21 0.06 — — 21 0.06
— — Intangible amortization 29 0.09 28 0.09 105 0.32 117 0.36
Business exit and divestiture costs — — — — 9 0.03 — —
Transformational initiatives 11 0.03 7 0.02 25 0.08 12 0.04
Acquisition and integration costs 9 0.03 5 0.02 23 0.07 32 0.10
Pension settlement gain — — — — (5 ) (0.02 ) (32 ) (0.10 ) Gain on
step acquisition of Lasergen — — — — (20 ) (0.06 ) — — NASD site
costs 2 0.01 — — 8 0.02 — — Special compliance costs 1 — — — 4 0.01
— — Other 2 0.01 — — (10 ) (0.03 ) 5 0.02 Adjustment for Tax Reform
19 0.06 — — 552 1.70 — — Adjustment for taxes (a) (27 )
(0.09 ) 1 — (121 ) (0.36 )
(50 ) (0.16 ) Non-GAAP net income $ 262 $ 0.81
$ 218 $ 0.67 $ 907 $ 2.79 $ 768 $ 2.36
(a) The adjustment for taxes excludes tax
benefits that management believes are not directly related to
on-going operations and which are either isolated or cannot be
expected to occur again with any regularity or predictability. For
the three months and year ended October 31, 2018 and 2017,
management uses a non-GAAP effective tax rate of 18.0%. We
provide non-GAAP net income and non-GAAP net income per share
amounts in order to provide meaningful supplemental information
regarding our operational performance and our prospects for the
future. These supplemental measures exclude, among other things,
charges related to asset impairments, amortization of intangibles,
business exit and divestiture costs, transformational initiatives,
acquisition and integration costs, pension settlement gain, gain on
step acquisition of Lasergen, NASD site costs, special compliance
costs, and adjustment for Tax Reform.
Asset
impairments include assets that have been written down to their
fair value.
Business exit and divestiture costs
include costs associated with business divestitures.
Transformational initiatives include expenses associated
with targeted cost reduction activities such as manufacturing
transfers including costs to move manufacturing due to new tariffs
and tariff remediation actions, small site consolidations, legal
entity and other business reorganizations, insourcing or
outsourcing of activities. Such costs may include move and
relocation costs, one-time termination benefits and other one-time
reorganization costs. Included in this category are also expenses
associated with company programs to transform our product lifecycle
management (PLM) system, human resources and financial systems.
Acquisition and Integration costs include all
incremental expenses incurred to effect a business combination.
Such acquisition costs may include advisory, legal, accounting,
valuation, and other professional or consulting fees. Such
integration costs may include expenses directly related to
integration of business and facility operations, the transfer of
assets and intellectual property, information technology systems
and infrastructure and other employee-related costs.
Pension settlement gain resulted from transfer of the
substitutional portion of our Japanese pension plan to the
government.
Gain on step acquisition of Lasergen
resulted from the measurement at fair value of our equity interest
held at the date of business combination.
NASD site
costs include all the costs related to the expansion of our
manufacturing of nucleic acid active pharmaceutical ingredients
incurred prior to the commencement of commercial manufacturing.
Special compliance costs include costs associated
with transforming our processes to implement new regulations such
as the EU's General Data Protection Regulation (GDPR), revenue
recognition and certain tax reporting requirements.
Other includes certain legal costs and settlements in
addition to other miscellaneous adjustments.
Adjustment
for Tax Reform primarily consists of an estimated provision of
$499 million for U.S. transition tax and correlative items on
deemed repatriated earnings of non-U.S. subsidiaries and an
estimated provision of $53 million associated with the decrease in
the U.S. corporate tax rate from 35% to 21% and its impact on our
U.S. deferred tax assets and liabilities. The taxes payable
associated with the transition tax, net of tax attributes, on
deemed repatriation of foreign earnings is approximately $426
million, payable over 8 years. Our management uses non-GAAP
measures to evaluate the performance of our core businesses, to
estimate future core performance and to compensate employees. Since
management finds this measure to be useful, we believe that our
investors benefit from seeing our results “through the eyes” of
management in addition to seeing our GAAP results. This information
facilitates our management’s internal comparisons to our historical
operating results as well as to the operating results of our
competitors. Our management recognizes that items such as
amortization of intangibles can have a material impact on our cash
flows and/or our net income. Our GAAP financial statements
including our statement of cash flows portray those effects.
Although we believe it is useful for investors to see core
performance free of special items, investors should understand that
the excluded items are actual expenses that may impact the cash
available to us for other uses. To gain a complete picture of all
effects on the company’s profit and loss from any and all events,
management does (and investors should) rely upon the GAAP income
statement. The non-GAAP numbers focus instead upon the core
business of the company, which is only a subset, albeit a critical
one, of the company’s performance. Readers are reminded that
non-GAAP numbers are merely a supplement to, and not a replacement
for, GAAP financial measures. They should be read in conjunction
with the GAAP financial measures. It should be noted as well that
our non-GAAP information may be different from the non-GAAP
information provided by other companies. The preliminary
non-GAAP net income and diluted EPS reconciliation is estimated
based on our current information. Page 4
AGILENT TECHNOLOGIES, INC. SEGMENT INFORMATION
(In millions, except where noted) (Unaudited)
PRELIMINARY Life Sciences and Applied Markets
Group Q4'18 Q4'17 Revenue $ 597 $ 550 Gross
Margin, % 62.0 % 61.1 % Income from Operations $ 155 $ 131
Operating margin, % 25.9 % 23.8 %
Diagnostics and
Genomics Group Q4'18 Q4'17 Revenue $ 256 $ 235
Gross Margin, % 59.1 % 55.6 % Income from Operations $ 59 $ 51
Operating margin, % 23.3 % 21.5 %
Agilent CrossLab
Group Q4'18 Q4'17 Revenue $ 441 $ 404 Gross
Margin, % 51.3 % 49.6 % Income from Operations $ 109 $ 92 Operating
margin, % 24.7 % 22.9 %
Life
Sciences and Applied Markets Group FY18 FY17
Revenue $ 2,270 $ 2,081 Gross Margin, % 61.3 % 60.2 % Income from
Operations $ 547 $ 468 Operating margin, % 24.1 % 22.5 %
Diagnostics and Genomics Group FY18
FY17 Revenue $ 943 $ 860 Gross Margin, % 56.5 % 55.2 %
Income from Operations $ 178 $ 168 Operating margin, % 18.9 % 19.5
%
Agilent CrossLab Group FY18
FY17 Revenue $ 1,701 $ 1,531 Gross Margin, % 50.7 % 49.5 %
Income from Operations $ 397 $ 338 Operating margin, % 23.3 % 22.1
% Income from operations reflect the results
of our reportable segments under Agilent's management reporting
system which are not necessarily in conformity with GAAP financial
measures. Income from operations of our reporting segments exclude,
among other things, charges related to asset impairments,
amortization of intangibles, business exit and divestiture costs,
transformational initiatives, acquisition and integration costs,
pension settlement gain, gain on step acquisition of Lasergen, NASD
site costs, and special compliance costs. Readers are
reminded that non-GAAP numbers are merely a supplement to, and not
a replacement for, GAAP financial measures. They should be read in
conjunction with the GAAP financial measures. It should be noted as
well that our non-GAAP information may be different from the
non-GAAP information provided by other companies. The
preliminary segment information is estimated based on our current
information. Page 5
AGILENT TECHNOLOGIES, INC. RECONCILIATIONS OF REVENUE BY
SEGMENT EXCLUDING ACQUISITIONS, DIVESTITURES AND THE IMPACT
OF CURRENCY ADJUSTMENTS (CORE) (in millions)
(Unaudited) PRELIMINARY Year-over-Year
GAAP Year-over-Year
GAAP Revenue by
Segment
Q4'18 Q4'17 % Change Life Sciences and
Applied Markets Group $ 597 $ 550 8 % Diagnostics and
Genomics Group 256 235 9 % Agilent CrossLab Group 441 404 9
% Agilent $ 1,294 $ 1,189 9 %
Non-GAAP
(excluding Acquisitions &
Divestitures)
Year-over-Year
at Constant Currency (a)
Year-over-Year Year-over-Year
Non GAAP Revenue
by Segment
Q4'18 Q4'17 % Change % Change
Percentage PointImpact from
Currency
Current QuarterCurrency
Impact (b)
Life Sciences and Applied Markets Group $ 596 $ 550 8 % 9 %
-1 ppt $ (6 ) Diagnostics and Genomics Group 245 235 4 % 5 %
-1 ppt (2 ) Agilent CrossLab Group 435 404 8 % 9 % -1 ppt (7
) Agilent (Core) $ 1,276 $ 1,189 7 % 9 % -1
ppt $ (15 ) We compare the year-over-year
change in revenue excluding the effect of recent acquisitions and
divestitures and foreign currency rate fluctuations to assess the
performance of our underlying business. (a) The constant
currency year-over-year growth percentage is calculated by
recalculating all periods in the comparison period at the foreign
currency exchange rates used for accounting during the last month
of the current quarter, and then using those revised values to
calculate the year-over-year percentage change. (b) The
dollar impact from the current quarter currency impact is equal to
the total year-over-year dollar change less the constant currency
year-over-year change. The preliminary reconciliation of
GAAP revenue adjusted for recent acquisitions and divestitures and
impact of currency is estimated based on our current information.
Page 6
AGILENT TECHNOLOGIES,
INC. RECONCILIATIONS OF REVENUE BY SEGMENT EXCLUDING
ACQUISITIONS, DIVESTITURES AND THE IMPACT OF CURRENCY
ADJUSTMENTS (CORE) (in millions) (Unaudited)
PRELIMINARY
Year-over-Year GAAP Year-over-Year
GAAP Revenue by
Segment
FY18 FY17 % Change Life Sciences and
Applied Markets Group $ 2,270 $ 2,081 9 % Diagnostics and
Genomics Group 943 860 10 % Agilent CrossLab Group 1,701
1,531 11 % Agilent $ 4,914 $ 4,472 10 %
Non-GAAP
(excluding Acquisitions &
Divestitures)
Year-over-Year
at Constant Currency (a)
Year-over-Year Year-over-Year
Non GAAP Revenue
by Segment
FY18 FY17 % Change % Change
Percentage Point Impact from
Currency
Current Year Currency Impact
(b)
Life Sciences and Applied Markets Group $ 2,261 $ 2,081 9 %
7 % 2 ppts $ 39 Diagnostics and Genomics Group 924 860 7 % 5
% 2 ppts 20 Agilent CrossLab Group 1,696 1,531 11 % 8 % 3
ppts 36 Agilent (Core) $ 4,881 $ 4,472 9 % 7 %
2 ppts $ 95 We compare the year-over-year
change in revenue excluding the effect of recent acquisitions and
divestitures and foreign currency rate fluctuations to assess the
performance of our underlying business. (a) The constant
currency year-over-year growth percentage is calculated by
recalculating all periods in the comparison period at the foreign
currency exchange rates used for accounting during the last month
of the current quarter, and then using those revised values to
calculate the year-over-year percentage change. (b) The
dollar impact from the current year currency impact is equal to the
total year-over-year dollar change less the constant currency
year-over-year change. The preliminary reconciliation of
GAAP revenue adjusted for recent acquisitions and divestitures and
impact of currency is estimated based on our current information.
Page 7
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INVESTOR CONTACT:Alicia Rodriguez+1 408 345
8948alicia_rodriguez@agilent.com
EDITORIAL CONTACT:Stefanie Notaney+1 408 345
8955stefanie.notaney@agilent.com
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