Agilent Tech Q2 Net Drops, Job Cuts and Share Repurchase Widening Announced
May 14th 2013 7:29PM
Updated May 14th 2013 8:35PM
Agilent Technologies results for the company's Q2 have been released. For the quarter, net revenue was flat on a year-over-year basis at $1.73 billion. Net profit, however, experienced a drop of 35% over that time frame, landing at $166 million ($0.48 per diluted share) from Q2 2012's $255 million ($0.72).
On a non-GAAP basis, those bottom-line totals were $269 million ($0.77) and $275 million ($0.78), respectively.
Going forward, the company provided guidance for future periods. For its current Q3, revenue is anticipated to be $1.63 billion-$1.66 billion, with non-GAAP EPS of $0.60-$0.64. Those figures for the entirety of fiscal 2013 are expected to be $6.75 billion-$6.85 billion and $2.70-$2.85, respectively.
Agilent will have to make that money with a reduced workforce. The firm announced that it has launched a restructuring program that will trim its employee rolls by roughly 450 people, or around 2% of its global total.
Lastly, the company's board has authorized a $500 million expansion to its common stock repurchase program. All told, the full authorization is for $1 billion, back-dated to Nov. 1, 2012. The program is expected to close at the end of this calendar year.
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