SANTA CLARA, Calif. -- Agilent Technologies Inc. (NYSE: A) today reported revenues of $1.52 billion for the first fiscal quarter ended Jan. 31, 2011, 25 percent above one year ago, or 19 percent excluding the effects of the Varian acquisition and recent divestitures(3). First-quarter GAAP net income was $193 million, or $0.54 per diluted share. Last year's first-quarter GAAP net income was $79 million, or $0.22 per share.
During the first quarter, Agilent had intangible amortization of $28 million, Varian-related integration costs of $19 million, and restructuring charges of $13 million. It also recognized a tax benefit of $41 million. Excluding these items, Agilent reported first-quarter adjusted net income of $212 million, or $0.60 per share (1).
Bill Sullivan, Agilent president and CEO, said, 'We had an excellent start to the year as we continued to demonstrate the strength of our product portfolio. All regions throughout the world posted double-digit organic revenue growth.'
Electronic Measurement revenues were up 23 percent over a year ago. Orders and revenues were both up 31 percent excluding the effects of the Network Solutions divestiture. Highlights included strong growth in the communications business as well as in industrial, computers and semiconductor markets.
Chemical Analysis revenues were up 43 percent above one year ago. Orders were up 16 percent and revenues were up 8 percent on an organic basis. Continued strength in the petrochemical, food, environmental and forensics markets contributed to CAG's growth.
Life Sciences revenues grew 19 percent over last year. Orders grew 11 percent and revenues grew 7 percent on an organic basis. Good growth in pharma, along with strong demand in academia and government markets, were highlights of the quarter.
First-quarter ROIC was 21 percent(4). Agilent generated $120 million of cash from operations during a seasonally weak first quarter. Net cash, at the end of the first quarter and after paying off the $1.5 billion World Trade debt in December, was $554 million(5).
Sullivan said, 'We look forward to another year of solid growth and believe that we are well positioned to take advantage of market opportunities as the global economy continues to recover.'
Fiscal second-quarter 2011 revenues are expected to be in the range of $1.59 billion to $1.61 billion. Fiscal second-quarter non-GAAP earnings are expected to be in the range of $0.63 to $0.65 per share (2).
For the full fiscal year 2011, Agilent is raising its revenue guidance to $6.3 billion to $6.4 billion and its non-GAAP earnings to $2.53 to $2.63 per share (2).
About Agilent Technologies
Agilent Technologies Inc. (NYSE: A) is the world's premier measurement company and a technology leader in chemical analysis, life sciences, electronics and communications. The company's 18,500 employees serve customers in more than 100 countries. Agilent had net revenues of $5.4 billion in fiscal 2010. Information about Agilent is available on the Web at www.agilent.com.
Agilent's management will present more details about its first-quarter FY2011 financial results on a conference call with investors today at 1:30 p.m. (Pacific). This event will be webcast live in listen-only mode. Listeners may log on at www.investor.agilent.com and select 'Q1 2011 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.