Fri, Aug 30, 10:04 AM (137 days ago)
Agilent Technologies reported a decline in net revenue for Q3 2024, totaling $1,578 million, down 6% year-over-year, with a 7% decrease over the first nine months. The decrease was primarily driven by declines in the life sciences and diagnostics segments, particularly in the pharmaceutical market, attributed to capital expenditure pressures from customers. However, revenue in the Agilent CrossLab segment grew by 4% and 5% for the quarter and year-to-date, respectively. Net income surged to $282 million for Q3, a significant increase from $111 million in the prior year, while year-to-date net income reached $938 million. Operating cash flow improved slightly to $1,270 million. The company announced plans to acquire BIOVECTRA for $925 million, expected to close by 2025. Agilent continued to repurchase shares, retiring 4.397 million shares for $585 million in Q3. The gross margin improved significantly to 54.2%, influenced by targeted pricing strategies and operational efficiencies, despite ongoing restructuring costs. The company faces uncertainties from macroeconomic conditions, fluctuating foreign currencies, and competitive pressures, but remains optimistic about long-term growth prospects in key markets.