Agilent stock falls after lab instrument maker trims full-year outlook on China weakness

Agilent Technologies Inc. (A) shares fell 2% premarket on Wednesday after the laboratory instrument maker late Tuesday trimmed its full-year revenue and earnings outlook, citing weakness in China. The company now expects full-year revenue in the range of $6.80 to $6.85 billion, down from $6.93 to $7.03 billion previously, and full-year adjusted earnings per share of $5.40 to $5.43, versus a previous forecast of $5.60 to $5.65. "The economy in China continued to weaken during the quarter, translating into a more challenging market environment than we had anticipated," Agilent CEO Michael McMullen said on a call with analysts Tuesday, adding that the company is not assuming any improvement in the China market for the remainder of the year. The company reported third quarter net income of $111 million, or 38 cents per share, down from $329 million, or $1.10 per share in the year-earlier period. Adjusted earnings per share came to $422 million, or $1.43 per share, beating the FactSet consensus of $1.36. Third quarter revenues were $1.67 billion, down from $1.72 billion a year earlier but just ahead of the FactSet consensus of $1.66 billion. Agilent shares are down 16% in the year to date, while the S&P 500 has gained 15.6%.

-Eleanor Laise

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08-16-23 0816ET

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