You would think that a company with a global revenue base, diverse industry exposure and solid returns on capital would get the benefit of the doubt. But in the case of Agilent (NYSE:A), you would seem to be wrong. Agilent may not command as much respect for technology leadership as a company like Illumina (Nasdaq:ILMN), but Agilent's diverse and growing business deserves more respect and investors should consider using this market pullback as a chance to buy some shares in this high-quality company.
Third Quarter Results Better than Feared
Even though there was not much sign of it in the published analyst estimates, sentiment had definitely been souring on Agilent going into this earnings cycle. Nevertheless, Agilent reported that sales grew more than 22% in the fiscal third quarter, with 19% organic revenue growth. Growth was led by the electronic measurement segment (up almost 24%), where growth in the communications business was especially strong. Life sciences delivered solid 21% growth (18% organic), and chemical analysis was the "laggard" with 16% reported and 11% organic revenue growth.
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