Product category: Optical Transceivers, Transponders and Repeaters
News Release from: Avago Technologies
Edited by the Electronicstalk Editorial Team on 25 February 2004
Agilent goes through breakeven ahead of
schedule
Agilent Technologies has reported orders of $1.73 billion for the first fiscal quarter ended 31st January 2004, 27% above one year ago.
Agilent Technologies has reported orders of $1.73 billion for the first fiscal quarter ended 31st January 2004, 27% above one year ago Revenues during the quarter were $1.64 billion, 16% ahead of last year
This article was originally published on Electronicstalk on 8 Nov 2004 at 8.00am (UK)
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First quarter GAAP net earnings of $71 million, or $0.14 per diluted share, compared with a loss of $369 million, or $0.78 per share, in last year's first quarter.
Excluding $32 million of net restructuring and amortisation charges, Agilent reported first quarter operating net income of $103 million, or $0.21 per share, versus a loss on a comparable basis of $109 million, or $0.23 per share, one year ago.
"We are pleased with our performance in the first quarter of this year", said Ned Barnholt, Agilent Chairman, President and Chief Executive Officer.
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"Stronger economic activity in most of our markets drove these results, coupled with our ability to achieve lower structural costs sooner than anticipated".
"During the quarter, we achieved a $1.40 billion operating breakeven cost structure, three quarters earlier than planned.
For the second consecutive quarter, Agilent generated positive free cash flow from operations", said Barnholt.
The company ended the quarter with $1.7 billion of cash and equivalents, up $71 million from the prior quarter.
Inventory days-on-hand improved by 15 from one year ago to 107.
Capital spending of $29 million was $40 million below the level of depreciation.
During the first quarter, Semiconductor Products orders were up 53% from last year to the highest levels since the year 2000.
Automated Test segment orders, while down from the seasonally strong fourth quarter, were up 74% from last year.
Life Sciences and Chemical Analysis orders were 15% above one year ago, and Test and Measurement segment orders were up 8%.
Overall, the company's book-to-bill ratio was 1.05 in the first quarter, compared with 1.03 in the fourth quarter of last year and 0.96 one year ago.
Looking ahead, Barnholt said: "The markets we serve are clearly gaining some traction, and Agilent has both the cost structure and the innovative new products to take full advantage of the recovery.
Without the normal first quarter drop, we are somewhat cautious about assuming the usual seasonal rise in second quarter activity".
"We are maintaining our prior second quarter guidance of earnings before restructuring and amortisation charges in the range of $0.20 to $0.25 per share on revenues of $1.65 billion to $1.70 billion.
For the year 2004, we are comfortable with the current range of analyst expectations for both revenues and operating EPS", said Barnholt.
Test and Measurement returned to profitability in the first quarter as a result of aggressive restructuring.
Orders during the quarter of $642 million were 8% above one year ago and flat versus the seasonally strong fourth quarter of fiscal 2003.
Compared with last year, orders were stronger in both communications, driven by demand for wireless handset testers, and in general purpose test, where orders were up 13%.
Revenues of $642 million were 1% above last year and 2% ahead of three months earlier.
First quarter operating profits of $4 million were improved by $136 million compared with one year ago, despite only $9 million higher revenues.
Profits were up $15 million versus the fourth quarter on a revenue gain of $11 million.
First quarter Automated Test orders of $200 million were 74% above one year ago, with significant year-to-year growth in all product lines.
Sequentially, orders were down 23% from the seasonally strong fourth quarter, largely because of seasonal weakness in consumer-driven flash memory test.
Revenues of $219 million were 61% above last year and down 16% from a strong Q4.
Segment profits were positive for the third consecutive quarter.
First quarter profits of $20 million were up $68 million from one year ago on an $83 million increase in revenues.
Compared with the fourth quarter, profits were down $25 million on a revenue decline of $41 million.
Return on invested capital (ROIC) during the quarter was about 9%.
Semiconductor Products had a very strong first quarter, with orders of $582 million, up 53% from last year and 18% ahead of the seasonally strong fourth quarter.
Compared with last year, personal systems products orders were up 73%, with strength across the board but particularly notable in mobile phone components.
Networking orders were also up, 14% ahead of last year.
Revenues of $469 million were 28% above one year ago and 1% ahead of the fourth quarter.
Semiconductor Products' book-to-bill ratio of 1.24 compares with 1.04 last year and 1.06 three months ago.
Segment profits reflected the benefits of higher volumes, better yields and cumulative restructuring, generating a segment ROIC of 28%.
Profits of $60 million were $108 million higher than last year on $102 million higher volume.
Compared with the fourth quarter, profits were up $20 million on only $6 million higher volume.
Life Sciences and Chemical Analysis showed signs of improving momentum during the first quarter, with orders of $307 million up 15% from last year and down only 8% from the seasonally strong fourth quarter.
Life Sciences orders were up 10% year-to-year, and Chemical Analysis orders were up 18% due to particular strength in Asia.
Revenues of $313 million were 13% above last year and down only 2% from the fourth quarter's record level.
Segment profits reached $49 million in the quarter, up $15 million from one year ago on a $37 million increase in revenues.
Profits were down $4 million from the fourth quarter's record result on an $8 million drop in volume.
During the quarter, the segment achieved an ROIC of 32%. Request free introductory details about products from Avago Technologies ...
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