Agilent Technologies Inc. (NYSE: A), a provider of technologies for communications, electronics and life sciences, reported net revenue of $2.8 billion for fiscal 2001's first quarter, which ended Jan. 31. This is an increase of 26 percent compared with the same quarter a year ago. Excluding the company's healthcare solutions business, which is in the process of being sold to Royal Philips Electronics, revenue increased 38 percent. Total Agilent orders of $2.8 billion rose 4 percent compared to the first quarter of fiscal 2000.
On an earnings-before-goodwill basis -- excluding the adoption of Statement of Financial Accounting Standards No. 133 (FAS 133), and one-time acquisition and divestiture items -- Agilent's earnings were $237 million, or 51 cents per share. This is consistent with the guidance Agilent gave last quarter.
Orders slowed significantly in the first quarter for Agilent's wireless-test and semiconductor-test products along with wireless and imaging components, compared with the robust growth these product lines achieved in fiscal 2000. This weakness was partially offset by strength in optical testing, optical components and life sciences. Orders from the company's healthcare solutions business were soft this quarter. In November 2000, Agilent announced an agreement to sell this business to Philips. The pending sale is now undergoing regulatory review.
Actions to control discretionary expenses and reduce infrastructure costs resulted in Agilent's sales, general and administrative expenses (excluding goodwill and one-time divestiture items) declining 3.4 points as a percent of revenue compared to a year ago.
About Agilent Technologies:
Agilent Technologies Inc. (NYSE: A) designs and manufactures test, measurement and monitoring instruments, systems and solutions, and semiconductor and optical components in the communications, electronics, life sciences and healthcare markets. For more information, visit www.agilent.com.