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Agilent Technologies shares fall after mixed fiscal second-quarter results

The Hewlett-Packard spin-off had one of the largest IPOs of its time

Medical labs
Shares fell in early Tuesday trading

Agilent Technologies Inc (NYSE:A) announced lukewarm fiscal second-quarter results, reporting earnings in line with expectations while revenue and guidance fell short.

The medical device company reported earnings of US$0.65 per share on revenue of US$1.21bn compared with US$0.58 EPS on revenue of US$1.1bn in the previous year’s first quarter.

The Silicon Valley company was in line with Wall Street estimates of $0.65 EPS, but its revenue of US$1.206bn was slightly below the consensus estimate of US$1.209bn.

Shares of the California-based company were down more than 10% to US$62.13 in early Tuesday trading.

Agilent is a spin-off of Hewlett-Packard Company (NYSE:HPQ) and its initial public offering in 1999 was one of the largest at the time, raising US$2.1bn.

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The company reaffirmed its full-year guidance, expecting fiscal third-quarter earnings between US$0.61 and US$0.63 on revenues between US$1.19bn and US$1.21bn. The outlook fell slightly below consensus estimates of US$0.65 EPS on revenue of US$1.21bn.

“We saw strength in the Pharma and Chemical & Energy markets with 8% and 5% growth this quarter, respectively,” said CEO Mike McMullen.

Agilent recently completed its acquisition of Genohm, a Swiss cloud-based software company, for an undisclosed amount.

Quick facts: Agilent Technologies

Price: 77.07 USD

NYSE:A
Market: NYSE
Market Cap: $23.89 billion
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