UPDATE: Agilent Posts 22% Drop In Q1 Profit, Lowers 2013 Forecast

Agilent Technologies

reported a 22% drop in its first-quarter profit and lowered its 2013 forecast. Agilent's quarterly net income declined to $179 million, or $0.51 per share, from $230 million, or $0.65 per share, in the year-earlier period. Excluding one-time items, Agilent earned $0.63 per share. Its net revenue rose 3% to $1.68 billion from $1.64 billion. However, analysts were expecting earnings of $0.67 per share on revenue of $1.69 billion. Agilent now projects FY13 adjusted net income of $2.70 to $3 per share on revenue of $6.9 billion to $7.1 billion. The company had earlier expected income of $2.80 to $3.10 per share on revenue of $7 billion to $7.2 billion. Agilent shares dropped 8.03% to $41.00 in after-hours trading.