Agilent's First-Quarter Earnings Decline

Electronics testing equipment maker Agilent Technologies said on Thursday that its first-quarter earnings fell from the year ago period, when the company reported a large gain from the sale of its semiconductor products business.

Agilent said net income for its first fiscal quarter ended Jan. 31
declined to $150 million, or 36 cents per share, from $2.82 billion, or $5.83 per share, a year ago.

Shares of Agilent rose 1% in extended trade after the earnings report. In regular trading, the stock rose 89 cents, or 2.7%, to close at $33.83. In the last 12 months, the stock has declined 5.3%, based on Wednesday's close.

Agilent also said adjusted net income from continuing operations was $162 million, or 39 cents a share. Excluding the gains in the year-ago quarter, Agilent had a profit of $154 million, or 32 cents per share.

Revenue rose to $1.28 billion from $1.17 billion, as Agilent said it had particular strength in its bio-analytical measurement business, where revenue rose 22%. The revenue growth in the quarter came despite what Agilent said was "significant weakness" in its wireless handset business.

Revenue in its electronic measurement business grew 4%. Excluding the impact of a weak handset test market, revenue growth in that segment was about 9%.

For the second quarter, the company said it expects an adjusted per-share profit of 41 cents to 45 cents per share and revenue of $1.30 billion to $1.34 billion.