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Agilent Technologies Inc. (A+2.38%) has submitted its Form 10-K filing for the fiscal year ended October 31, 2024.
The filing reports total net revenue of $6,510 million, a decrease of 5% from the previous year. This decline was attributed to reduced sales in the life sciences and applied markets and diagnostics and genomics segments, primarily due to constraints on customer capital expenditures.
Agilent's gross margin increased to 54.3% in 2024, compared to 50.7% in 2023. This improvement was largely due to lower impairment charges and targeted price increases.
Operating income for the year was $1,488 million, up from $1,350 million in 2023, reflecting improved margins and cost-saving initiatives.
Net income for the year was $1,289 million, compared to $1,240 million in the previous year. The effective tax rate was 15.3%, influenced by tax benefits related to foreign-derived intangible income.
Cash and cash equivalents as of October 31, 2024, were $1,329 million, down from $1,590 million at the end of the previous fiscal year.
During the year, Agilent completed the acquisition of BIOVECTRA for $915 million, expanding its contract development and manufacturing organization.
The company repurchased 8.4 million shares for $1,150 million under its 2023 repurchase program.
Agilent declared and paid dividends of $0.944 per share, totaling $274 million for the fiscal year.
The company anticipates continued market recovery and remains optimistic about long-term growth opportunities in its key end markets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Agilent Technologies Inc. annual 10-K report dated December 20, 2024. To report an error, please email earnings@qz.com.