Agilent Technologies Inc. (A, Financial) filed Quarterly Report for the period ended 2011-01-31.
Agilent Technologies Inc. has a market cap of $16.01 billion; its shares were traded at around $45.97 with a P/E ratio of 20.7 and P/S ratio of 2.9. Agilent Technologies Inc. had an annual average earning growth of 7.1% over the past 5 years.
Net revenue of $1,519 million for the three months ended January 31, 2011 increased 25 percent from the same period last year. The revenue increase associated with the Varian acquisition less the revenue attributable to our divested businesses (the network solutions and Hycor businesses) accounted for 6 percentage points of revenue increase for the three months ended January 31, 2011 when compared to the same period last year. Excluding the Varian acquisition and Hycor divestiture, revenue from life sciences products in academic and government markets increased strongly and demand within the pharmaceutical markets also increased when compared to the same period last year. Excluding the Varian acquisition, revenue from all end-markets grew across the chemical analysis business for the three months ended January 31, 2011 when compared to the same period last year. Within electronic measurement, revenue from general purpose end-markets improved strongly in the three months ended January 31, 2011 when compared to the same period last year led by increased sales to the semiconductor and computer markets. Also within electronic measurement, the communications test businesses improved in the three months ended January 31, 2011 when compared to the same period last year with wireless R&D and wireless manufacturing reporting strong revenue growth in the three months ended January 31, 2011. For the three months ended January 31, 2011 Agilents segment revenue was $1,524 million, an increase of 26 percent when compared to the same period last year. Note 18 shows a reconciliation between segment revenue and net revenue.
For the three months ended January 31, 2011, we recorded an income tax provision of $5 million compared to an income tax provision of $4 million in the same period last year. The income tax provision for the three months ended January 31, 2011 includes net discrete tax benefits of $15 million. The net discrete benefits relate primarily to a tax settlement with a foreign tax authority. The income tax provision for the three months ended January 31, 2010 includes net discrete tax benefits of $9 million. The net discrete benefits relate primarily to tax settlements, lapses of statutes of limitations and valuation allowance adjustments based on changes in other comprehensive income items. Without considering interest and penalties, the rate reflects taxes in all jurisdictions except the U.S. and foreign jurisdictions in which income tax expense or benefit continues to be offset by adjustments to valuation allowances. We intend to maintain partial or full valuation allowances in these jurisdictions until sufficient positive evidence exists to support its reversal.
In December 2010, Agilent reached an agreement with the IRS for tax years 2003-2005. In addition, Agilent and the IRS reached an agreement on transfer pricing issues covering years 2003-2007. Tax adjustments resulting from these agreements were offset by applying available net operating losses and tax credit carry forwards. Primarily as a result of these agreements, unrecognized tax benefits were reduced from $656 million at October 31, 2010 to $555 million at January 31, 2011. Agilents U.S. federal income tax returns for 2006 through 2007 are currently under audit by the IRS.
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Agilent Technologies Inc. has a market cap of $16.01 billion; its shares were traded at around $45.97 with a P/E ratio of 20.7 and P/S ratio of 2.9. Agilent Technologies Inc. had an annual average earning growth of 7.1% over the past 5 years.
Highlight of Business Operations:
Net income for the three months ended January 31, 2011 was $193 million, compared to $79 million for the corresponding period last year. In the three months ended January 31, 2011, we generated $120 million of cash from operations compared with $30 million generated in the same period last year.Net revenue of $1,519 million for the three months ended January 31, 2011 increased 25 percent from the same period last year. The revenue increase associated with the Varian acquisition less the revenue attributable to our divested businesses (the network solutions and Hycor businesses) accounted for 6 percentage points of revenue increase for the three months ended January 31, 2011 when compared to the same period last year. Excluding the Varian acquisition and Hycor divestiture, revenue from life sciences products in academic and government markets increased strongly and demand within the pharmaceutical markets also increased when compared to the same period last year. Excluding the Varian acquisition, revenue from all end-markets grew across the chemical analysis business for the three months ended January 31, 2011 when compared to the same period last year. Within electronic measurement, revenue from general purpose end-markets improved strongly in the three months ended January 31, 2011 when compared to the same period last year led by increased sales to the semiconductor and computer markets. Also within electronic measurement, the communications test businesses improved in the three months ended January 31, 2011 when compared to the same period last year with wireless R&D and wireless manufacturing reporting strong revenue growth in the three months ended January 31, 2011. For the three months ended January 31, 2011 Agilents segment revenue was $1,524 million, an increase of 26 percent when compared to the same period last year. Note 18 shows a reconciliation between segment revenue and net revenue.
For the three months ended January 31, 2011, we recorded an income tax provision of $5 million compared to an income tax provision of $4 million in the same period last year. The income tax provision for the three months ended January 31, 2011 includes net discrete tax benefits of $15 million. The net discrete benefits relate primarily to a tax settlement with a foreign tax authority. The income tax provision for the three months ended January 31, 2010 includes net discrete tax benefits of $9 million. The net discrete benefits relate primarily to tax settlements, lapses of statutes of limitations and valuation allowance adjustments based on changes in other comprehensive income items. Without considering interest and penalties, the rate reflects taxes in all jurisdictions except the U.S. and foreign jurisdictions in which income tax expense or benefit continues to be offset by adjustments to valuation allowances. We intend to maintain partial or full valuation allowances in these jurisdictions until sufficient positive evidence exists to support its reversal.
In December 2010, Agilent reached an agreement with the IRS for tax years 2003-2005. In addition, Agilent and the IRS reached an agreement on transfer pricing issues covering years 2003-2007. Tax adjustments resulting from these agreements were offset by applying available net operating losses and tax credit carry forwards. Primarily as a result of these agreements, unrecognized tax benefits were reduced from $656 million at October 31, 2010 to $555 million at January 31, 2011. Agilents U.S. federal income tax returns for 2006 through 2007 are currently under audit by the IRS.
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