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Agilent Technologies Inc A
Q1 2013 Earnings Call Transcript

Transcript Call Date 02/14/2013

Operator: Good day, ladies and gentlemen, and welcome to the First Quarter 2013 Agilent Technologies Incorporated Earnings Conference Call. My name is Regina, and I will be your conference coordinator for today. At this time, all participants are in a listen-only mode. Later we will be conducting a question and answer session. As a reminder, today's event is being recorded for replay purposes.

I would now like to turn the conference over to your host for today, Ms. Alicia Rodriguez, Vice President of Investor Relations. Please go ahead, Alicia.

Alicia Rodriguez - VP, IR: Thank you, Regina and welcome everyone to Agilent's first quarter conference call for fiscal year 2013. With me are Agilent's CEO, Bill Sullivan; as well as Senior Vice President and CFO, Didier Hirsch. Joining in the Q&A after Didier's comments will be Agilent's President and Chief Operating Officer, Ron Nersesian. Also joining the Presidents of our Electronic Measurement Group, Chemical Analysis and Diagnostics and Genomics Group's, Guy Sene; Mike McMullen; and Lars Holmkvist.

You can find the press release and information to supplement today's discussion on our website at www.investor.agilent.com. While there, please click on the link for 'Financial Results', where you will find revenue breakouts, business segment results and historical financials for Agilent's operations. We will also post a copy of the prepared remarks following this call.

Bill and Didier comments today will refer to non-GAAP financial measures, you will find the most directly comparable GAAP financial metrics and reconciliations on our website. We will make forward-looking statements about the financial performance of the Company. These statements are subject to risks and uncertainties, and are only valid as of today. The Company assumes no obligation to update them. Please look at the Company's recent SEC filings for a more complete picture of our risks and other factors.

Before turning the call over to Bill I would like to remind you that Agilent will host its Annual Analysts meeting in New York City on March 7th. Details about the meeting and webcast will be available on the Agilent Investor website two weeks prior to that date.

Now, I'd like to turn the call over to Bill.

William P. Sullivan - President and CEO: Thanks, Alicia, and hello everyone. For Agilent's fiscal first quarter orders were $1.7 billion up 5% over last year inclusive of the benefits from the Dako acquisition. Revenue of $1.68 billion were up 3%, again with the benefit of the Dako acquisition, but in the low end of our guidance. Earnings per share of $0.63 were $0.02 below the low end of our guidance due entirely to some unexpected one-time expenses.

The Company has struggled with the predictability of revenue and EPS performance over the past four quarters. While we have delivered EPS above the midpoint guidance in aggregate, we have missed our EPS guidance in two of the last four sequential quarters and have exceeded EPS guidance in the other two quarters. The problem is the volatility of revenue and orders in the last month of the quarter. Last year's third quarter EPS shortfall was due to the unexpected push out of deliveries. This quarter, we again experienced an unexpected last-minute push out of deliveries mostly in the communication market.

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