Agilent Technologies Reports Fourth Quarter FY2023 Results
Agilent Technologies reported fourth-quarter fiscal year 2023 revenue of $1.69 billion, an 8.7% decrease compared to the same period last year. The company anticipates a slow but steady recovery in 2024.
SANTA CLARA, Calif. – Agilent Technologies announced on November 21, 2023, that its revenue for the fourth quarter of fiscal year 2023 reached $1.69 billion. This represents a reported decrease of 8.7% and a core decrease of 9.7% compared to the fourth quarter of fiscal year 2022.
The company reported a GAAP net income of $475 million, or $1.62 per share. Non-GAAP net income was $404 million, or $1.38 per share, down from the previous year. For the full fiscal year 2023, revenue stood at $6.83 billion, flat on a reported basis year-over-year, with core growth at 1.5%.
Looking ahead, Agilent forecasts fiscal year 2024 revenue to be in the range of $6.71 billion to $6.81 billion. This guidance suggests a core decline of 0.5% to a core increase of 1%. The company expects first-quarter fiscal year 2024 revenue to decline between 8.5% and 11.3% on a core basis.
"The Agilent team continued its strong execution in Q4 and delivered leveraged earnings in 2023 during a challenging year for the industry," said President and CEO Mike McMullen. He added that the company anticipates a slow but steady recovery for 2024 and is confident in its market investments, team resilience, and growth strategy.