Agilent Technologies Inc. (NYSE: A) today reported revenue of $1.24 billion for the second quarter ended April 30, 2020, equal to revenue reported for the second quarter of 2019 and down 1.7% on a core(1) basis.
Second-quarter GAAP net income was $101 million, or 32 cents per share. This compares with $182 million, or 57 cents per share, in the second quarter of fiscal year 2019. Non-GAAP(2) net income was $223 million, or 71 cents per share, during the quarter compared with $228 million, or 71 cents per share, during the second quarter a year ago.
"Our business was tracking well into late March when we experienced significant disruption in the U.S. and Europe as customers closed or restricted access to their facilities to slow the spread of COVID-19," said Mike McMullen, Agilent president and CEO.
"I'm incredibly proud of how the Agilent team has taken quick, decisive action to ensure the safety of our employees, keep our operations up and running efficiently, and support our customers around the world. I believe we are well-positioned to face the challenges brought on by COVID-19 given our focus on growth, a resilient business model, a strong balance sheet, and most importantly, our outstanding team."
Life Sciences and Applied Markets Group
Second-quarter revenue of $526 million from Agilent's Life Sciences and Applied Markets Group (LSAG) was down 1% year over year (down 7% on a core(1) basis). LSAG's operating margin was 18.7%.
Agilent CrossLab Group
Second-quarter revenue of $449 million from the Agilent CrossLab Group (ACG) declined 1% year over year (up 1% on a core(1) basis). ACG's operating margin was 27.2%.
Diagnostics and Genomics Group
Second-quarter revenue of $263 million from Agilent's Diagnostics and Genomics Group (DGG) grew 3% year over year (up 5% on a core(1) basis). DGG's operating margin was 21.6%.
Agilent's management will present additional details regarding the company's second-quarter 2020 financial results on a conference call with investors today at 1:30 p.m. PST. This event will be webcast live in listen-only mode. Listeners may log on at www.investor.agilent.com and select "Q2 2020 Agilent Technologies Inc. Earnings Conference Call" in the "News & Events — Events" section. The webcast will remain available on the company's website for 90 days. Additional financial information can be found at www.investor.agilent.com by selecting "Financial Summary" in the "Financials" section.