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Agilent Technologies: Koh Boon Hwee Appointed New Chairman

Agilent Technologies Inc. A recently announced that Koh Boon Hwee will be the new chairman of the board, with immediate effect. Koh replaces James G. Cullen, who served as the company’s chairman for the last 12 years and will now continue as a director.

Koh has been a member of Agilent’s board since 2003. He had earlier served as chairman of reputable companies such as Singapore Airlines, Singapore Telecom and DBS Bank, Ltd.

Agilent President and CEO, Mike McMullen, said, “Boon Hwee is highly respected by both board members and Agilent leadership. He offers a wide breadth of valuable perspective from his leadership at many international and Asia-based companies.”

Management believes that Koh’s considerable experience and business proficiency will be instrumental in helping the company achieve its long-term goals.

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Last Earnings Report

Agilent Technologies reported fiscal first-quarter 2017 earnings per share of 53 cents which exceeded the Zacks Consensus Estimate by 4 cents. Earnings were up 15.2% year over year.

Also, revenues of $1.07 billion were up 3.8% year over year and above management’s guided range of $1.04–$1.06 billion and the Zacks Consensus Estimate of $1.05 billion. The strong growth was supported by continued strength in Chemical & Energy business and better-than-expected growth in China. (Read More: Agilent Technologies Beats on Q1 Earnings & Revenues)

In response to its strong first-quarter earnings reported on Feb 14, the stock gained 7.4%. Also, in the last one year, shares of Agilent Technologies outperformed the Zacks categorized Electronic Testing Equipment industry. While the industry gained 39.51%, the stock returned 48.44%.

Looking Ahead

Agilent issued guidance for the second quarter and fiscal 2017. The company projects second-quarter revenues in the range of $1.04–$1.06 billion and non-GAAP earnings per share in the range of 47 cents to 49 cents. Analysts polled by Zacks expect earnings of 48 cents per share and revenues of $1.05 billion.

For fiscal 2017, Agilent projects revenues between $4.33 billion and $4.35 billion and non-GAAP earnings per share in the $2.10 to $2.16 range. Analysts polled by Zacks expect earnings of $2.14 per share and revenues to the tune of $4.35 billion.

To Conclude

Agilent Technologies is a broad-based OEM of test and measurement equipment. The company’s decision to divest/wind up underperforming businesses has enhanced focus on the new Agilent, while enabling management to expand the solid recurring revenue base and diversify geographic and industrial operations to achieve growth. Also, the company’s focus on aligning investment toward more attractive growth avenues and innovative product launches is a positive.

However, competition from Teradyne and Thermo Fisher Scientific coupled with a challenging technology spending environment and softer-than-expected earnings guidance keep us on the sidelines.

Agilent Technologies, Inc. Price and Consensus

 

Agilent Technologies, Inc. Price and Consensus | Agilent Technologies, Inc. Quote

Zacks Rank & Stocks to Consider

Currently, Agilent carries a Zacks Rank #3 (Hold). Stocks worth considering in the industry include Texas Instruments TXN, sporting a Zacks Rank #1 (Strong Buy) and Xcerra Corporation XCRA and Internap Corporation INAP, carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Texas Instruments delivered a positive earnings surprise of 7.09%, on average, in the trailing four quarters.

Xcerra Corporation delivered a positive earnings surprise of 187.5%, on average, in the trailing four quarters.

Internap Corporation delivered a positive earnings surprise of 10.88%, on average, in the trailing four quarters.

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Internap Corporation (INAP): Free Stock Analysis Report
 
Texas Instruments Incorporated (TXN): Free Stock Analysis Report
 
Xcerra Corporation (XCRA): Free Stock Analysis Report
 
Agilent Technologies, Inc. (A): Free Stock Analysis Report
 
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