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Agilent fiscal Q1 net income climbs YOY

Agilent Technologies Inc. reported a rise in its profit for the first quarter of fiscal year 2018 and recorded an adjustment relating to the U.S. tax reform.

Non-GAAP net income for the period was $216 million, or 66 cents per share, an increase of about 25% versus $172 million, or 53 cents per share, in the year-ago period.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 58 cents.

Agilent reported a GAAP net loss of $320 million, or 99 cents per share, versus GAAP net income of $168 million, or 52 cents per share, in the year-ago period.

During the first quarter, the company had an adjustment related to the new U.S. tax law of $533 million, intangible amortization of $25 million, a pension settlement gain of $5 million, transformation costs of $5 million, acquisition and integration costs of $3 million, and $3 million in other costs.

Net revenue rose 14% to $1.21 billion, versus $1.07 billion in the comparable year-ago period.

Agilent expects revenue in the range of $1.20 billion to $1.22 billion for the second fiscal quarter of 2018. Non-GAAP earnings for the quarter are expected to be in the range of 61 cents per share to 63 cents per share. The S&P Capital IQ consensus normalized EPS estimate for the second fiscal quarter is 64 cents.

For the fiscal year 2018, Agilent expects revenue in the range of $4.89 billion to $4.91 billion and non-GAAP earnings of $2.62 per share to $2.68 per share. The S&P Capital IQ consensus normalized EPS estimate for the fiscal year 2018 is $2.59.