Agilent Technologies raises full-year guidance after strong Q3 results

Agilent Technologies announced its third-quarter fiscal year 2022 financial results, showcasing significant year-over-year growth. The company reported revenue of $1.72 billion, an 8% increase on a reported basis and 13% on a core basis.

GAAP net income stood at $329 million, or $1.10 per share, while non-GAAP net income was $401 million, or $1.34 per share. Both figures represent substantial increases compared to the same period in fiscal year 2021.

Performance was notably strong in the Life Sciences and Applied Markets Group (LSAG), which saw an 18% core revenue increase, reaching $1.019 billion. The Agilent CrossLab Group (ACG) experienced a 10% core revenue increase, and the Diagnostics and Genomics Group (DGG) grew by 3% on a core basis.

Buoyed by these strong results, Agilent has raised its full-year 2022 financial outlook. The company now anticipates total revenue to be in the range of $6.750 billion to $6.775 billion. The full-year non-GAAP earnings per share projection has also been revised upwards to an estimated $5.06 to $5.08 per share.

President and CEO Mike McMullen stated the Agilent team delivered an excellent quarter, highlighting the ongoing strength and momentum across the business as the reason for the raised guidance. Fourth-quarter revenue is projected between $1.750 billion and $1.775 billion, with non-GAAP EPS estimated at $1.38 to $1.40.