Agilent Reports Second-Quarter 2003 Results

May 20, 2003 by Jeff Shepard

Agilent Technologies Inc. (Palo Alto, CA) reported fiscal second-quarter orders of $1.53 billion, spawning revenue of $1.47 billion and a net loss of $146 million, or $0.31 per share, in line with its previous guidance. Net loss includes $74 million of net restructuring charges and intangibles amortization; excluding those items, and the company reported a net loss of $72 million, or $0.15 per share.

Revenues of $376 million were up 1% from last year despite the lower ASIC business, and were up 2% sequentially. The segment book-to-bill ratio of 1.12 compares to 1.04 in fiscal first quarter and 1.28 one year ago. The $6 million deterioration in second-quarter operating results compared to last year was caused by costs associated with the continued ramp of FBAR filter and E-pHEMT power module products. The company saw unexpected demand of those two product areas last quarter.

At the end of the quarter, the company ended production in its Newark, CA, fab and closed the facility. Compared to the first quarter, the operating loss was improved by $5 million on additional volume of $9 million. Overall, Agilent's semiconductor product division posted a loss of $43 million in operating profit.