SANTA CLARA, Calif. (AP) -- Shares of Agilent Technologies Inc. fell in aftermarket trading Thursday after the scientific instrument maker cut its net income and sales outlook, saying demand is still volatile.
Agilent makes electronic measurement and diagnostic machines used in medicine, chemistry and other areas of scientific research. Its net income fell in the first quarter because of amortization costs and other one-time items. Excluding those items, however, the company's income fell short of analyst estimates. Its second-quarter profit forecast was lower than expected, and Agilent now expects less income and lower sales for the full fiscal year.
Agilent shares dropped $3.37, or 7.6 percent, to $41.21 in aftermarket trading after the earnings report was issued.
Agilent said its net income fell 22 percent in the quarter ended Jan. 31. It earned $179 million, or 51 cents per share, down from $230 million, or 65 cents per share, a year ago. Excluding one-time items Agilent said its net income totaled 63 cents per share. Net revenue increased 3 percent, to $1.68 billion from $1.64 billion.
The one-time charges included $52 million in amortization costs, $13 million in costs related to acquisitions and other items, and a $27 million tax benefit.
FactSet says analysts expected Agilent to earn 67 cents per share on $1.69 billion in revenue excluding one-time costs and gains.
The company said its electronic measurement revenue fell 7 percent to $722 million and diagnostic and genomic revenue more than doubled to $163 million. The company reported a small decrease in chemical analysis revenue and a small increased in life science revenue.
Agilent now expects adjusted net income of $2.70 to $3 per share in fiscal 2013 on $6.9 billion to $7.1 billion in revenue. Previously it projected income of $2.80 to $3.10 per share on revenue of $7 billion to $7.2 billion.
Analysts were expecting net income of $3.05 per share and $7.13 billion in revenue on average.
Agilent is calling for net income of 64 to 70 cents per share and $1.74 billion to $1.77 billion in revenue in the second quarter. Analysts are estimating net income of 74 cents per share and $1.8 billion in revenue.