Agilent raises annual profit forecast on improving lab tools demand
Agilent raises annual profit forecast on improving lab tools demand By Bageshri Banerjee
Aug 26 (Reuters) - Agilent Technologies A.N 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)
((bageshri.banerjee@thomsonreuters.com;))