Agilent Technologies raises full-year guidance after Q1 results

Agilent Technologies announced its financial results for the first quarter of fiscal year 2023, reporting $1.76 billion in revenue. This represents a 5% increase on a reported basis and a 10% increase on a core basis compared to the first quarter of the previous year.

GAAP net income for the quarter was $352 million, or $1.19 per share, an increase from $283 million, or $0.93 per share, in the prior-year period. Non-GAAP net income reached $406 million, or $1.37 per share, up from $368 million, or $1.21 per share, in the first quarter of fiscal year 2022.

Buoyed by these results, Agilent has raised its financial guidance for the full fiscal year 2023. The company now expects revenue to be in the range of $7.03 billion to $7.10 billion, reflecting reported growth of 2.7% to 3.7% or core growth of 5.5% to 6.5%. The non-GAAP earnings per share guidance for the full year has also been increased to between $5.65 and $5.70.

Growth was seen across segments. The Life Sciences and Applied Markets Group reported revenue of $1.03 billion, up 6% reported and 11% on a core basis. The Agilent CrossLab Group saw revenue increase by 6% reported and 13% core, reaching $381 million. The Diagnostics and Genomics Group's revenue grew 1% reported and 5% core, totaling $342 million.