Summary
Agilent Technologies, Inc. reported a decrease in net revenue for fiscal year 2013 to $6.78 billion from $6.86 billion in fiscal year 2012. This decline was primarily driven by a significant 13% drop in revenue from the Electronic Measurement segment, impacted by the loss of a key customer and soft demand in general purpose markets. The Life Sciences and Diagnostics segment showed resilience with 16% revenue growth, largely attributed to the acquisition of Dako, while the Chemical Analysis segment saw a modest 2% increase. A major strategic development announced in September 2013 was the plan to separate into two publicly traded companies: one retaining the Agilent name for life sciences, diagnostics, and chemical analysis businesses, and the other comprising the electronic measurement business, expected to be completed by early November 2014. The company also reported a decrease in net income to $724 million in fiscal 2013 from $1.15 billion in fiscal 2012. This was influenced by higher operating expenses, including those related to the Dako acquisition and restructuring costs. Despite these challenges, Agilent maintained a strong cash position, with cash and cash equivalents at $2.68 billion as of October 31, 2013. The company continues to focus on innovation and operational efficiency, with R&D expenditures remaining significant.
Financial Highlights
59 data points| Revenue | $3.89B |
| Cost of Revenue | $1.99B |
| Gross Profit | $1.91B |
| R&D Expenses | $337.00M |
| SG&A Expenses | $1.18B |
| Operating Expenses | $3.51B |
| Operating Income | $386.00M |
| Interest Expense | $107.00M |
| Net Income | $734.00M |
| EPS (Basic) | $2.15 |
| EPS (Diluted) | $2.13 |
| Shares Outstanding (Basic) | 341.00M |
| Shares Outstanding (Diluted) | 345.00M |
Key Highlights
- 1Agilent announced plans to spin off its Electronic Measurement (EM) business into a separate publicly traded company, expected to be completed in early November 2014.
- 2Total net revenue for fiscal year 2013 was $6.78 billion, a 1% decrease compared to fiscal year 2012 ($6.86 billion).
- 3The Life Sciences and Diagnostics segment revenue grew 16% to $2.30 billion, significantly boosted by the acquisition of Dako.
- 4The Electronic Measurement segment experienced a 13% decline in revenue to $2.89 billion, impacted by weak demand and the loss of a major customer.
- 5Net income decreased to $724 million in fiscal 2013 from $1.15 billion in fiscal 2012.
- 6The company ended fiscal year 2013 with $2.68 billion in cash and cash equivalents.
- 7Agilent incurred $100 million in pre-separation expenses for fiscal year 2014 related to the planned spin-off.