Agilent Technologies has reported net income of $351m, or $1.22 per diluted share, for the fourth quarter of fiscal year 2024 (Q4 FY24), a 26% decline compared to $475m, or $1.62 per diluted share, for the same quarter in fiscal year 2023 (FY23).
The medical instruments maker’s net income for Q4 FY24 increased by 24% compared to $282m for the third quarter of fiscal year 2024 (Q3 FY24).
Agilent reported net revenue of $1.7bn for Q4 FY24, a 2% increase compared to $1.68bn for the same period in the previous year, and an 8% rise compared to $1.57bn for Q3 FY24.
The company’s total costs and expenses for the reported period were $1.29bn, a 1% increase compared to $1.28bn for the respective quarter in FY23.
Agilent reported an income before tax of $401m for Q4 FY24, a 4.5% decline compared to $420m for the same period in the previous year.
Agilent president and CEO Padraig McDonnell said: “The Agilent team again executed well and delivered solid results in the fourth quarter as the markets continued to recover.
“Our new market-based, customer-first strategy combined with our transformation – which includes the new organisational structure announced today – will position us to capture even more growth opportunities as the market improves.
“I look forward to sharing more about these exciting developments during our Analyst and Investor Day in December.”
Agilent reported a net income of $1.28bn, or $4.43 per diluted share, for the full fiscal year 2024 (FY 2024), a 3% rise compared to $1.24bn, or $4.19 per diluted share, for the full fiscal year 2023 (FY 2023).
The medical instruments supplier reported net revenue of $6.51bn for FY 2024, a 4% decline compared to $6.83bn for FY 2023.
Agilent reported total costs and expenses of $5.02bn for FY 2024, an 8% decrease compared to $5.48bn for FY 2023.
The medical technology company reported an income before taxes of $1.52bn for FY 2024, a 14% increase compared to $1.33bn for FY 2023.
In a separate development, Agilent has announced a new organisational structure to expedite its operational transformation to enhance its growth.
McDonnell said: “This is an important step in our transformation to become a nimbler company that puts our customers and our markets first.
“It builds on Agilent’s legacy of success and evolves our business to further strengthen our performance, sharpen our focus, and accelerate our market-focused solutions.”
