Agilent Technologies, Inc. Q1 FY2024 results: revenue $1.7 billion, down 5.6% on the year

Agilent Technologies, Inc. (A) reported revenue of $1.7 billion for Q1 FY2024, the quarter ended 31 January 2024, down 5.6% on the same quarter a year earlier. Net income was $348 million, down 1.1% on the year, and diluted earnings per share $1.18. The figures are the company's own, from the 10-Q it filed with the SEC on 5 March 2024.

Revenue$1.7 billiondown 5.6%

Net income$348 milliondown 1.1%

Diluted EPS$1.18

QuarterQ1 FY2024ended 31 January 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	1,658	1,688	n/a	n/a
Cost of revenue	750	773	n/a	n/a
Gross profit	908	915	n/a	n/a
Gross margin	54.8%	54.2%	n/a
Research and development	128	114	n/a	n/a
Selling, general and administrative	396	393	n/a	n/a
Operating income	384	408	n/a	n/a
Operating margin	23.2%	24.2%	n/a
Interest expense	22.0	22.0	n/a	n/a
Pre-tax income	403	420	n/a	n/a
Income tax	55.0	-55.0	n/a	n/a
Effective tax rate	13.6%	-13.1%	n/a
Net income	348	475	n/a	n/a
Net margin	21.0%	28.1%	n/a
Diluted EPS	$1.18	$1.60	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	485	516	n/a	n/a
Capital expenditure	90.0	84.0	n/a	n/a
Free cash flow	395	432	n/a	n/a
Free cash flow margin	23.8%	25.6%	n/a
Depreciation and amortisation	62.0	62.0	n/a	n/a
Share-based compensation	44.0	13.0	n/a	n/a
Buybacks	0.0	80.0	n/a	n/a
Dividends paid	69.0	66.0	n/a	n/a
Dividend per share	$0.24	n/a	n/a	n/a
Diluted shares, weighted	294m	296m	n/a	n/a
Shares outstanding at period end	293m	292m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	10,948	10,763	n/a	n/a
Cash and equivalents	1,748	1,590	n/a	n/a
Receivables	1,295	1,291	n/a	n/a
Inventory	1,033	1,031	n/a	n/a
Goodwill	3,967	3,960	n/a	n/a
Long-term debt	2,555	2,735	n/a	n/a
Operating lease liabilities	n/a	118	n/a	n/a
Shareholders' equity	6,188	5,845	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,688	1,658	1,573	1,578	1,701	1,681	1,668	1,738	1,861	1,798	1,835	1,878
Cost of revenue	773	750	717	723	785	782	802	850	871	852	845	836
Gross profit	915	908	856	855	916	899	866	888	990	946	990	1,042
Gross margin	54%	55%	54%	54%	54%	53%	52%	51%	53%	53%	54%	55%
R&D	114	128	113	127	111	113	112	111	119	117	126	123
SG&A	393	396	380	395	397	410	454	417	428	476	465	475
Operating income	408	384	363	333	408	376	300	360	443	353	399	444
Operating margin	24%	23%	23%	21%	24%	22%	18%	21%	24%	20%	22%	24%
Interest expense	22.0	22.0	20.0	22.0	32.0	28.0	29.0	28.0	27.0	25.0	25.0	29.0
Pre-tax income	420	403	374	343	401	367	260	366	442	364	408	444
Tax rate	-13%	14%	18%	18%	12%	13%	17%	8%	2%	16%	17%	18%
Net income	475	348	308	282	351	318	215	336	434	305	339	362
Net margin	28%	21%	20%	18%	21%	19%	13%	19%	23%	17%	18%	19%
Diluted EPS	$1.60	$1.18	$1.05	$0.97	$1.23	$1.11	$0.75	$1.18	$1.53	$1.07	$1.20	$1.28
Operating cash flow	516	485	333	452	481	431	221	362	545	268	277	519
Capital expenditure	84.0	90.0	103	92.0	93.0	97.0	114	103	93.0	93.0	76.0	80.0
Free cash flow	432	395	230	360	388	334	107	259	452	175	201	439
Buybacks	80.0	0.0	230	585	335	90.0	165	85.0	85.0	152	65.0	78.0
Dividends paid	66.0	69.0	69.0	68.0	68.0	71.0	70.0	71.0	70.0	72.0	72.0	72.0
Shares outstanding	292m	293m	292m	288m	285m	285m	284m	284m	283m	283m	282m	282m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 January 2024, filed 5 March 2024, accession 0001090872-24-000011: the filing on EDGAR. All of Agilent Technologies, Inc.'s filings: EDGAR company page.

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