Scientific instrument maker Agilent Technologies Inc. said Wednesday its net income fell 31 percent in the fiscal third quarter on lower revenue and charges for amortization and other items.
Its quarterly revenue and net income adjusted to exclude one-time items, however, topped Wall Street estimates. The company also raised its guidance for adjusted net income for the fiscal year.
Shares of Agilent picked up $1.49, or 3.2 percent, to $48 in aftermarket trading.
Agilent makes electronic measurement and diagnostic machines used in medicine, chemistry and other areas of scientific research. The company said fiscal third-quarter revenue from its electronic measurement division fell because wireless manufacturing demand remains weak. Agilent also reported $48 million in amortization costs and $14 million in costs related to new business initiatives.
The company said its net income decreased to $168 million, or 49 cents per share, from $243 million, or 69 cents per share. Excluding one-time costs Agilent said it earned 68 cents per share. Revenue fell 4 percent, to $1.65 billion from $1.72 billion.
Analysts expected adjusted net income of 62 cents per share on $1.64 billion in revenue, according to FactSet.
Agilent reported greater revenue from its chemical analysis, life sciences, and diagnostics and genomics businesses. The company took $1.6 billion in orders during the quarter ended July 31, down 4 percent from a year ago.
For the fiscal year Agilent now expects adjusted earnings between $2.83 and $2.85 per share on $6.76 billion to $6.78 billion in revenue. Its previous guidance called for net income of $2.70 to $2.85 per share on $6.75 billion to $6.85 billion in revenue.
Analysts are estimating income of $2.78 per share and $6.78 billion in revenue on average.
Agilent said it should earn between 72 and 77 cents per share on an adjusted basis in the fourth quarter on $1.7 billion to $1.72 billion in revenue. Analysts forecast 76 cents per share and $1.73 billion.
Shares of Agilent Technologies lost 41 cents and closed at $46.51 Wednesday before the release of the earnings report.