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Agilent Has 4th-Qtr Loss as Sales Rise; Will Cut Jobs
Palo Alto, California, -- Agilent Technologies Inc.
(NYSE:A) had a fourth-quarter loss on higher expenses as
sales rose for the first time in six quarters. The maker of testing
equipment said it's cutting as many as 2,500 jobs
(11/18/02 9:31 AM EDT)
Agilent shares fell 20 cents to close at $13.60
Agilent's shares rose as much as 10 percent. The net loss in the
quarter ended Oct. 31 was $236 million, or 51 cents a share, on
severance and acquisition-related costs, compared with net income
of $197 million, or 43 cents, a year earlier, the company said in
a statement. Sales rose 8.1 percent to $1.74 billion from $1.61
The company has been paring expenses over the past year as sales
tumbled amid slack demand for gear used to test telecommunications
equipment. The Palo Alto, California-based company, which was spun
off from Hewlett-Packard Co. in 2000, is reducing its workforce
by 2,500 employees in addition to 8,000 job cuts announced last
year, spokeswoman Michele Drake said. The company said in August
that it planned to cut more jobs to save $50 million a quarter.
Agilent shares rose as high as $15 in extended trading. Their biggest
one-day gain in regular trading this year was 11 percent on Feb.
20. The stock, which has declined 52 percent this year, fell 20
cents to $13.60 in New York Stock Exchange composite trading before
The last time Agilent's sales rose year-over-year was the second
quarter of fiscal 2001. Sales in the fourth quarter were expected
to be $1.55 billion, the average estimate of analysts surveyed by
Thomson First Call.
Excluding the severance and acquisition-related costs and other
items, the company broke even. On that basis, which doesn't comply
with generally accepted accounting principles, Agilent was expected
to lose 12 cents a share, the average estimate of analysts surveyed
by First Call.