Agilent Technologies Inc. (NYSE: A), a leading provider of scientific instruments, software, services, and consumables, recently reported revenue of $1.76 billion for the third quarter of fiscal 2021. This number was slightly below analysts' expectations, but still marked an increase of 5.2% year-over-year. The company's adjusted earnings per share (EPS) of $0.81 was also slightly below expectations, but still a 5.3% increase year-over-year.
Agilent's CEO Mike McMullen commented on the company's results, saying, “We are pleased to report another solid quarter of financial performance, with organic revenue growth of 6%. We delivered strong performance across our portfolio, with life sciences, diagnostics and genomics, and healthcare all growing in the quarter.” He also noted that “we remain committed to driving operational excellence and disciplined capital deployment.”
Looking ahead, Agilent is expecting its fourth-quarter revenue to grow between 4% and 6% year-over-year. The company also expects to generate adjusted EPS of between $0.81 and $0.87.
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Analysts at Zacks Investment Research are bullish on Agilent's stock, and have given the stock a “buy” rating. They cite the company's strong product portfolio and its focus on high-growth areas as reasons to be optimistic about the stock's future performance.
Agilent has also been focusing on cost efficiencies, as well as on enhancing its supply chain and asset performance. The company believes these moves will help it adapt to changing demand and improve its overall performance.
In addition, Agilent has been investing in new technologies, such as its NeXT Liquid Biopsy, a high-performance liquid biopsy system. This system is expected to help the company capitalize on the growing demand for drug abuse testing and other liquid biopsy applications.
Overall, Agilent Technologies Inc. (NYSE: A) has shown strong performance, despite the challenges posed by the pandemic. The company's focus on high-growth areas, cost efficiencies, and new technologies is expected to lead to further success in the future.