Agilent Technologies Inc (NYSE: A) stock rose over 1.4% on March 26th, 2021 (as of 11:13:33 UTC-4 · USD; Source: Google finance) as the company posted better than expected results for the second quarter of FY 21 and raised the outlook for full year.
During the second quarter, Cell Analysis grew 34% with our BioTek business growing about to 40%. During the quarter the LSAG team also contributed to the long-term companywide focus on sustainability in advance and important ESG initiatives. LSAG has announced several new products that have earned the highly respected accountability, consistency and transparency, ACT label from My Green Lab. The company in the quarter had also launched the Cytation C10 Confocal Imaging Reader, which is a multi-functional automated system focused on research labs and core facilities looking for increased productivity. The Agilent Cross Lab Group posted revenues grew reported 19% and up 15% on the core basis versus a 1% increase last year to $536 million. ACG’s growth is driven by demand for consumables and services across the portfolio as lab actively continues to increase for the customers. This is leading to more on-demand services and parts consumption. The revenues from the contract business continues to drive strong growth due to the high level of contract renewals seen in the previous quarter. The Diagnostics Genomics Group revenues were up 20% reported and up 16% core versus the 5% increase last year to $315 million. The growth is broad-based, led by the NASD oligo and genomics businesses. The demand for the NASD offerings remains strong and the capacity expansion plans for a high-growth NASD business remain on track. The company has ended the quarter with $1.4 billion in cash.
A in the second quarter of FY 21 has reported the adjusted earnings per share of 97 cents, beating the analysts’ estimates for the adjusted earnings per share of 82 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 23 percent to $1.53 billion in the second quarter of FY 21, beating the analysts’ estimates for revenue by 9.91%.
Agilent has raised its outlook and now expects revenue to be in the range of $6.15 billion to $6.21 billion for fiscal year 2021. Fiscal year 2021 non-GAAP earnings guidance has also increased to be in a range of $4.09 to $4.14 per share.
Agilent expects third-quarter 2021 revenue to be in the range of $1.51 billion to $1.54 billion, with non-GAAP earnings expected to be in the range of 97 to 99 cents per share.