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Why Agilent Stock is Surging, Post Q3 Results
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Why Agilent Stock is Surging, Post Q3 Results

Story Highlights

Agilent delivered fiscal Q3 2022 revenue and EPS that both exceeded company projections and Wall Street expectations. Agilent boosted its 2022 full-year outlook. The top-performing portfolios tracked by TipRanks are buying Agilent stock.

Agilent Technologies (A) stock jumped 6.6% in extended trading on August 16, after the company reported solid fiscal Q3 2022 earnings results. California-based Agilent provides laboratory instruments and consumables.

Q3 Earnings Snapshot

Revenue rose 8% from the year-ago quarter to $1.72 billion, beating both company projections and Wall Street expectations. The Wall Street consensus for revenue was $1.64 billion, while the company expected revenues to be in the range of $1.625 billion to $1.65 billion.

Adjusted EPS increased 22% from the year-ago quarter to $1.34, exceeding internal estimates and Wall Street expectations. The internal forecast called for adjusted EPS in the range of $1.20 to $1.22. Analysts on average expected an adjusted EPS of $1.20.

“The strong results in Q3, coupled with orders continuing to outpace revenues, highlight the ongoing strength and momentum of our diversified business,” commented Agilent CEO Mike McMullen.

Agilent’s 2022 Outlook Raised 

For Q4, Agilent anticipates revenue in the band of $1.75 billion to $1.775 billion. It expects adjusted EPS to be in the range of $1.38 – $1.40. The internal estimates compare to Wall Street expectations for revenue of $1.77 billion and EPS of $1.33.

Following the strong Q3 results, Agilent raised its Fiscal 2022 full-year outlook. It now expects revenue in the range of $6.75 billion to $6.775 billion. The previous estimate called for revenue in the range of $6.67 billion to $6.73 billion. The company boosted its EPS guidance to a range of $5.06 to $5.08, from $4.86 – $4.93.

Is Agilent Stock a Buy?

While Agilent stock has gained about 8% over the past three months, the stock is still down 15% year-to-date. Wall Street professionals are bullish due to the dip. According to TipRanks’ analyst rating consensus, the Agilent stock is a Strong Buy based on seven Buys and two Holds. The average Agilent stock price prediction of $147.33 implies 11% upside potential.

Final Thoughts

If you are looking for the finest stocks to invest in now, Agilent might be worth considering. The 2022 full-year outlook suggests that the Agilent stock is poised to continue to rise on strong future earnings results. Also, TipRanks’ Stock Investors tool shows that investor sentiment is currently Very Positive on the Agilent stock. Over the past 30 days, 12.9% of the best-performing portfolios tracked by TipRanks increased their exposure to Agilent stock.

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