By Bageshri Banerjee
Aug 26 (Reuters) – Agilent Technologies raised its annual profit forecast on Wednesday, betting on improving demand for its medical tools and equipment used in lab research and drug development.
• Demand conditions are improving for U.S. life sciences and laboratory-equipment companies after a prolonged downturn driven by constrained biotech funding and uneven demand.
• Agilent now expects an annual adjusted profit of $6.18 to $6.21 per share, compared to its previous forecast of $6 to $6.10 apiece.
• “We are seeing improving end markets, stronger demand in key regions, and excellent customer response to our innovative product launches,” CEO Padraig McDonnell said.
• Analysts, on average, were expecting revenue of $7.45 billion and an adjusted profit of $6.06 per share for the year, according to data compiled by LSEG.
• The company’s third-quarter revenue rose to $1.88 billion, topping analysts’ estimate of $1.84 billion.
• Its adjusted profit for the quarter ended July 31 was $1.62 per share, including a 6-cent benefit from tariff refunds, compared with an estimated $1.49 per share.
• Revenue from its CrossLab unit, which offers products and services for laboratory management, rose 6% to $786 million in the quarter.
(Reporting by Bageshri Banerjee in Bengaluru)
