Agilent Technologies, Inc. Q3 FY2024 results: revenue $1.6 billion, down 5.6% on the year

Agilent Technologies, Inc. (A) reported revenue of $1.6 billion for Q3 FY2024, the quarter ended 31 July 2024, down 5.6% on the same quarter a year earlier. Net income was $282 million, up 154.1% on the year, and diluted earnings per share $0.97. The figures are the company's own, from the 10-Q it filed with the SEC on 30 August 2024.

Revenue$1.6 billiondown 5.6%

Net income$282 millionup 154.1%

Diluted EPS$0.97

QuarterQ3 FY2024ended 31 July 2024

The quarter, against the one before and a year earlier

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Revenue	1,578	1,573	n/a	n/a
Cost of revenue	723	717	n/a	n/a
Gross profit	855	856	n/a	n/a
Gross margin	54.2%	54.4%	n/a
Research and development	127	113	n/a	n/a
Selling, general and administrative	395	380	n/a	n/a
Operating income	333	363	n/a	n/a
Operating margin	21.1%	23.1%	n/a
Interest expense	22.0	20.0	n/a	n/a
Pre-tax income	343	374	n/a	n/a
Income tax	61.0	66.0	n/a	n/a
Effective tax rate	17.8%	17.6%	n/a
Net income	282	308	n/a	n/a
Net margin	17.9%	19.6%	n/a
Diluted EPS	$0.97	$1.05	n/a	n/a

$ million except per share. 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	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Operating cash flow	452	333	n/a	n/a
Capital expenditure	92.0	103	n/a	n/a
Free cash flow	360	230	n/a	n/a
Free cash flow margin	22.8%	14.6%	n/a
Depreciation and amortisation	63.0	63.0	n/a	n/a
Share-based compensation	28.0	32.0	n/a	n/a
Buybacks	585	230	n/a	n/a
Dividends paid	68.0	69.0	n/a	n/a
Dividend per share	$0.24	$0.24	n/a	n/a
Diluted shares, weighted	291m	293m	n/a	n/a
Shares outstanding at period end	288m	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	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Total assets	10,996	10,856	n/a	n/a
Cash and equivalents	1,779	1,671	n/a	n/a
Receivables	1,227	1,249	n/a	n/a
Inventory	978	1,000	n/a	n/a
Goodwill	3,965	3,963	n/a	n/a
Long-term debt	2,137	2,136	n/a	n/a
Shareholders' equity	5,903	6,214	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 July 2024, filed 30 August 2024, accession 0001090872-24-000033: the filing on EDGAR. All of Agilent Technologies, Inc.'s filings: EDGAR company page.

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