8-KEarnings & Results

AGILENT TECHNOLOGIES, INC. 8-K Report, Financial Results (Dec 10, 2010)

Filed December 10, 2010For Securities:A

Summary

Agilent Technologies, Inc. filed this Form 8-K on December 10, 2010, to update its previously released financial results for the fourth fiscal quarter and the full fiscal year ended October 31, 2010. The primary reason for this restatement is a reduction in the company's provision for income taxes, specifically due to the full release of its U.K. valuation allowance. This adjustment has led to an increase in reported GAAP net income for both the quarter and the full year. Investors should note that while GAAP net income and earnings per diluted share have been revised upwards, key operational metrics such as non-GAAP net income, cash flow from operations, and working capital at year-end remain unchanged from the initial November 12, 2010, press release. This filing serves as a preliminary update, with final audited financial statements for fiscal year 2010 to be included in Agilent's upcoming Form 10-K filing.

Key Highlights

  • 1Agilent Technologies is revising its previously reported financial results for Q4 and FY 2010.
  • 2The revision is primarily due to a decrease in the provision for income taxes.
  • 3This tax adjustment is a result of a full release of Agilent's U.K. valuation allowance.
  • 4Reported GAAP net income for Q4 FY 2010 increased to $292 million ($0.83 per diluted share) from $232 million ($0.66 per diluted share).
  • 5Reported GAAP net income for FY 2010 increased to $684 million ($1.94 per diluted share) from $624 million ($1.77 per diluted share).
  • 6Non-GAAP net income, cash flow from operations, and working capital remain unchanged.

Frequently Asked Questions

Agilent is restating its results primarily due to a reduction in its provision for income taxes. This reduction was made possible by the full release of its U.K. valuation allowance, which positively impacted reported GAAP net income.

The revision results in higher reported GAAP net income and earnings per diluted share. For the fourth fiscal quarter of 2010, GAAP net income increased to $292 million ($0.83 per diluted share), and for the full fiscal year 2010, it increased to $684 million ($1.94 per diluted share).

No, the company states that its previously reported fourth quarter non-GAAP net income, consolidated net cash flow from operations, and working capital at October 31, 2010, remain unchanged by this update.

The company indicates that final financial statements for the 2010 fiscal year will be filed in its annual report on Form 10-K later in December 2010.