Company Tops Third Quarter Revenue and EPS
Guidance; Raising Full-Year Guidance
Highlights:
- Revenue of $1.20 billion, representing
growth of 8 percent with core revenue growth of 6
percent(1)
- GAAP net income of $236 million, or
$0.73 per share
- Non-GAAP net income of $217 million, or
$0.67 per share(2), $0.05 above midpoint guidance of $0.62
per share, an increase of 14 percent from 2017
- Fourth-quarter fiscal year revenue
guidance of $1.24 billion to $1.26 billion, and non-GAAP earnings
guidance of $0.72 to $0.74 per share(3)
- Increasing fiscal year 2018 core
revenue growth guidance to 6.1 percent at the midpoint from 5.5
percent(1) and fiscal year 2018 non-GAAP earnings guidance
to $2.70 at the midpoint from $2.65(3), an increase of 14
percent from 2017
Agilent Technologies, Inc. (NYSE: A) today reported revenue
of $1.20 billion for the third quarter ended July 31, 2018, up 8
percent year over year (up 6 percent on a core
basis(1)).
Third-quarter GAAP net income was $236 million, or $0.73 per
share. Last year’s third-quarter GAAP net income was $175 million,
or $0.54 per share.
During the third quarter, Agilent had intangible amortization of
$26 million, acquisition and integration costs of $7 million,
transformational initiatives of $4 million, business exit and
divestitures of $1 million, $20 million of step-up gain on our
initial Lasergen investment, and $5 million in other costs.
Excluding these items and a tax benefit of $42 million, Agilent
reported third-quarter non-GAAP net income of $217 million, or
$0.67 per share(2), up 14 percent year over year.
“The Agilent team continues to capitalize on healthy end markets
and delivered another strong quarter,” said Mike McMullen, Agilent
CEO and president. “Both earnings and revenue growth, led by China
and the global pharma and chemical & energy end markets,
exceeded expectations. In addition, we achieved our 14th
consecutive quarter of improving our year-over-year core operating
margins.”
“We put our strong balance sheet to work creating value for
shareholders and customers,” McMullen continued. “We repurchased
$243 million in shares, paid $48 million in dividends, and invested
$430 million in M&A.”
Financial Highlights
Third-quarter revenue of $540 million from Agilent’s Life
Sciences and Applied Markets Group (LSAG) grew 6 percent year over
year (up 5 percent on a core basis(1)) with strength in the
chemical & energy and pharma end markets. LSAG’s operating
margin for the quarter was 22.9 percent.
Third-quarter revenue of $426 million from the Agilent CrossLab
Group (ACG) grew 10 percent year over year (up 8 percent on a core
basis(1)). Both services and consumables saw strong growth
across all end markets and geographies. ACG’s operating margin for
the quarter was 23.8 percent.
Third-quarter revenue of $237 million from Agilent’s Diagnostics
and Genomics Group (DGG) grew 9 percent year over year (up 5
percent on a core basis(1)). Strength in genomics and China led the
results. DGG’s operating margin for the quarter was 18.5
percent.
Agilent expects fourth-quarter 2018 revenue in the range of
$1.24 billion to $1.26 billion. Fourth-quarter 2018 non-GAAP
earnings are expected to be in the range of $0.72 to $0.74 per
share(3).
For fiscal year 2018, Agilent expects revenue of $4.86 billion
to $4.88 billion and non-GAAP earnings of $2.69 to $2.71 per
share(3). The guidance is based on July 31, 2018 currency
exchange rates.
Conference Call
Agilent’s management will present more details about its
third-quarter fiscal 2018 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 “Q3 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.
A telephone replay of the conference call will be available at
approximately August 14, 2018 at 4:30PM (Pacific Time) after the
call and through August 22 by dialing +1 855-859-2056 (or +1
404-537-3406 from outside the United States) and entering pass code
3179138.
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 $4.47 billion in fiscal 2017 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; and revenue and
non-GAAP earnings guidance for the fourth quarter and full fiscal
year 2018. 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 April 30, 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 Q3 FY18 GAAP revenue and core revenue is set forth on page
8 of the attached tables along with additional information
regarding the use of this non-GAAP measure. Core revenue growth
rate as projected for full fiscal year 2018 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 intangibles
amortization, business exit and divestiture costs, transformational
initiatives, acquisition and integration costs, 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 6 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 Q4 FY18 and full fiscal year 2018 excludes primarily the
impacts of non-cash intangibles amortization, business exit and
divestiture costs, transformational initiatives, acquisition and
integration costs, gain on step acquisition of Lasergen, 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 July 31,
Percent 2018 2017
Inc/(Dec) Net revenue $ 1,203 $ 1,114 8 %
Costs and expenses: Cost of products and services 542 518 5 %
Research and development 97 87 11 % Selling, general and
administrative 339 308 10 % Total costs
and expenses 978 913 7 % Income
from operations 225 201 12 % Interest income 9 6 50 %
Interest expense (18 ) (19 ) (5 %) Other income (expense), net
26 5 — Income before taxes 242
193 25 % Provision for income taxes 6 18 (67 %)
Net income $ 236 $ 175 35 %
Net income per share: Basic $ 0.74 $ 0.55 Diluted $ 0.73 $
0.54 Weighted average shares used in computing net income
per share: Basic 320 321 Diluted 324 326 Cash dividends
declared per common share $ 0.149 $ 0.132 The
preliminary income statement is estimated based on our current
information. Page 1
AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (In
millions, except per share amounts) (Unaudited)
PRELIMINARY Nine Months
Ended July 31, Percent 2018
2017 Inc/(Dec) Net revenue $
3,620 $ 3,283 10 % Costs and expenses: Cost of products and
services 1,642 1,521 8 % Research and development 281 250 12 %
Selling, general and administrative 1,018 904
13 % Total costs and expenses 2,941
2,675 10 % Income from operations 679 608 12 %
Interest income 28 15 87 % Interest expense (57 ) (59 ) (3 %) Other
income (expense), net 52 13 —
Income before taxes 702 577 22 % Provision for income taxes
581 70 — Net income $ 121 $ 507 —
Net income per share: Basic $ 0.38 $ 1.57
Diluted $ 0.37 $ 1.56 Weighted average shares used in
computing net income per share: Basic 322 322 Diluted 326 325
Cash dividends declared per common share $ 0.447 $ 0.396
The preliminary income statement is estimated
based on our current information. Page 2
AGILENT
TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME (In millions) (Unaudited)
PRELIMINARY Three
Months Ended Nine Months Ended July 31, July
31, 2018 2017
2018 2017 Net income $
236 $ 175 $ 121 $ 507 Other comprehensive income (loss), net
of tax: Unrealized gain (loss) on derivative instruments 6
(3 ) 3 (3 ) Amounts reclassified into earnings related to
derivative instruments 1 (1 ) 4 (2 ) Foreign currency translation
(39 ) 57 (13 ) 61 Net defined benefit pension cost and post
retirement plan costs: Change in actuarial net loss 8 8 21 34
Change in net prior service benefit (1 ) (1 )
(4 ) (4 ) Other comprehensive income (loss) (25 )
60 11 86 Total
comprehensive income $ 211 $ 235 $ 132 $ 593
The preliminary statement of comprehensive
income is estimated based on our current information. Page 3
AGILENT TECHNOLOGIES, INC. CONDENSED CONSOLIDATED
BALANCE SHEET (In millions, except par value and share
amounts) (Unaudited) PRELIMINARY
July 31, October 31, 2018
2017 ASSETS Current assets: Cash
and cash equivalents $ 2,131 $ 2,678 Accounts receivable, net 733
724 Inventory 623 575 Other current assets 180
192 Total current assets 3,667 4,169 Property, plant
and equipment, net 801 757 Goodwill and other intangible assets,
net 3,448 2,968 Long-term investments 70 138 Other assets
363 394 Total assets $ 8,349 $ 8,426
LIABILITIES AND EQUITY Current liabilities:
Accounts payable $ 273 $ 305 Employee compensation and benefits 251
276 Deferred revenue 328 291 Short-term debt — 210 Other accrued
liabilities 162 181 Total current
liabilities 1,014 1,263 Long-term debt 1,799 1,801
Retirement and post-retirement benefits 218 234 Other long-term
liabilities 750 293 Total liabilities
3,781 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; 319 million shares at July 31, 2018 and 322
million shares at October 31, 2017, issued
3 3 Additional paid-in-capital 5,312 5,300 Accumulated deficit (416
) (126 ) Accumulated other comprehensive loss (335 )
(346 ) Total stockholders' equity 4,564 4,831 Non-controlling
interest 4 4 Total equity 4,568
4,835 Total liabilities and equity $ 8,349
$ 8,426 The preliminary balance
sheet is estimated based on our current information. Page 4
AGILENT TECHNOLOGIES, INC. CONDENSED CONSOLIDATED
STATEMENT OF CASH FLOWS (In millions) (Unaudited)
PRELIMINARY
Three Months Three Months Nine Months
Nine Months Ended Ended Ended
Ended July 31, July 31, July 31,
July 31, 2018 2017
2018 2017 Cash flows from
operating activities: Net income $ 236 $ 175 $ 121 $ 507
Adjustments to reconcile net income to net cash provided by (used
in) operating activities: Depreciation and amortization 53 51 154
160 Share-based compensation 13 13 56 48 Excess and obsolete
inventory related charges 5 4 22 19 Gain on step acquisition of
Lasergen (20 ) — (20 ) — Other non-cash expenses, net 5 3 7 5
Changes in assets and liabilities: Accounts receivable, net 12 19
(9 ) (29 ) Inventory (32 ) (17 ) (66 ) (46 ) Accounts payable 5 5
(9 ) 11 Employee compensation and benefits (17 ) (18 ) (24 ) (11 )
Change in assets and liabilities due to Tax Act — — 533 — Other
assets and liabilities (63 ) (7 ) (50 )
(63 ) Net cash provided by operating activities (a) 197 228 715 601
Cash flows from investing activities: Investments in
property, plant and equipment (33 ) (43 ) (141 ) (118 ) Payment to
acquire cost method investments (10 ) — (11 ) — Proceeds from
divestitures — — — 1 Change in restricted cash and cash
equivalents, net — — 1 — Payment in exchange for convertible note —
(1 ) (2 ) (1 ) Acquisition of businesses and intangible assets, net
of cash acquired (430 ) (57 ) (437 )
(127 ) Net cash used in investing activities (473 ) (101 ) (590 )
(245 ) Cash flows from financing activities: Issuance of
common stock under employee stock plans 17 32 53 58 Payment of
taxes related to net share settlement of equity awards — — (29 )
(13 ) Payment of dividends (48 ) (42 ) (144 ) (127 ) Proceeds from
revolving credit facility 127 115 483 343 Repayment of debt and
revolving credit facility (442 ) (76 ) (693 ) (163 ) Treasury stock
repurchases (243 ) — (336 ) (194
) Net cash provided by (used) in financing activities (589 ) 29
(666 ) (96 ) Effect of exchange rate movements (15 ) 18 (6 )
14 Net increase (decrease) in cash and cash equivalents (880
) 174 (547 ) 274 Cash and cash equivalents at beginning of
period 3,011 2,389 2,678
2,289 Cash and cash equivalents at end of
period $ 2,131 $ 2,563 $ 2,131 $ 2,563
(a) Cash payments included in operating activities: Income
tax payments (refunds), net $ 38 $ 15 $ 86 $ 56 Interest payments $
25 $ 29 $ 68 $ 69 The preliminary cash flow is
estimated based on our current information. Page 5
AGILENT TECHNOLOGIES, INC. NON-GAAP NET INCOME AND
DILUTED EPS RECONCILIATIONS (In millions, except per share
amounts) (Unaudited) PRELIMINARY
Three Months Ended Nine
Months Ended July 31, July 31, 2018
Diluted EPS 2017 Diluted
EPS 2018 Diluted EPS
2017 Diluted EPS GAAP net income $ 236
$ 0.73 $ 175 $ 0.54 $ 121 $ 0.37 $ 507 $ 1.56 Non-GAAP adjustments:
Intangible amortization 26 0.08 27 0.08 76 0.23 89 0.27 Business
exit and divestiture costs 1 — — — 9 0.03 — — Transformational
initiatives 4 0.01 3 0.01 14 0.04 5 0.02 Acquisition and
integration costs 7 0.02 4 0.01 14 0.04 27 0.08 Pension settlement
gain — — — — (5 ) (0.02 ) (32 ) (0.10 ) Gain on step acquisition of
Lasergen (20 ) (0.06 ) — — (20 ) (0.06 ) — — NASD site costs 2 0.01
— — 6 0.02 — — Special compliance costs 1 — — — 3 0.01 — — Other 2
0.01 1 — (12 ) (0.03 ) 5 0.02 Adjustment for Tax Reform — — — — 533
1.63 — — Adjustment for taxes (a) (42 ) (0.13 )
(19 ) (0.05 ) (94 ) (0.28 ) (51
) (0.16 ) Non-GAAP net income $ 217 $ 0.67 $
191 $ 0.59 $ 645 $ 1.98 $ 550 $
1.69 (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 and nine months ended July 31, 2018, management uses a
non-GAAP effective tax rate of 18.0%. In the same periods last
year, management used a non-GAAP effective tax rate of 16.2% and
18.0%, respectively. 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
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.
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
$480 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 $440
million, payable over 8 years. The final impact of Tax Reform may
differ materially from these estimates, due to, among other things,
changes in interpretations, analysis and assumptions made,
additional guidance that may be issued, and actions that we may
undertake. 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 6
AGILENT TECHNOLOGIES, INC. SEGMENT
INFORMATION (In millions, except where noted)
(Unaudited) PRELIMINARY Life
Sciences and Applied Markets Group Q3'18 Q3'17
Revenue $ 540 $ 510 Gross Margin, % 61.3 % 59.9 % Income from
Operations $ 123 $ 109 Operating margin, % 22.9 % 21.4 %
Diagnostics and Genomics Group Q3'18
Q3'17 Revenue $ 237 $ 218 Gross Margin, % 57.0 % 52.9 %
Income from Operations $ 44 $ 37 Operating margin, % 18.5 % 17.1 %
Agilent CrossLab Group Q3'18
Q3'17 Revenue $ 426 $ 386 Gross Margin, % 50.6 % 49.9 %
Income from Operations $ 102 $ 90 Operating margin, % 23.8 % 23.4 %
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
amortization of intangibles, business exit and divestiture costs,
transformational initiatives, acquisition and integration costs,
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 7
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
Q3'18 Q3'17 % Change Life Sciences and
Applied Markets Group $ 540 $ 510 6 % Diagnostics and
Genomics Group 237 218 9 % Agilent CrossLab Group 426 386 10
% Agilent $ 1,203 $ 1,114 8 %
Non-GAAP
(excluding Acquisitions &
Divestitures)
Year-over-Year
at Constant Currency (a)
Year-over-Year
Year-over-Year
Percentage Point Impact from
Currency
Current Quarter Currency
Impact (b)
Non GAAP Revenue
by Segment
Q3'18 Q3'17 % Change % Change
Life Sciences and Applied Markets Group $ 538 $ 508 6 % 5 % 1 ppt $
7 Diagnostics and Genomics Group 232 218 7 % 5 % 2 ppts 4
Agilent CrossLab Group 426 386 10 % 8 % 2 ppts 7
Agilent (Core) $ 1,196 $ 1,112 8 % 6 % 2 ppts $ 18
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 8
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180814005668/en/
Agilent Technologies, Inc.INVESTOR CONTACT:Alicia Rodriguez,
+1-408-345-8948alicia_rodriguez@agilent.comorEDITORIAL
CONTACT:Stefanie Notaney,
+1-408-345-8955stefanie.notaney@agilent.com
Agilent Technologies (NYSE:A)
Historical Stock Chart
From Mar 2024 to Apr 2024
Agilent Technologies (NYSE:A)
Historical Stock Chart
From Apr 2023 to Apr 2024