Agilent cuts 1st-quarter sales forecast
By Shawn Langlois, CBS.MarketWatch.com
Last Update: 5:06 PM ET Feb. 5, 2003
PALO ALTO, Calif. (CBS.MW) -- Agilent on Wednesday sliced its sales forecast for the first
quarter, saying more customers put off purchases amid a sluggish economy.
After the markets closed, the maker of
scientific instruments predicted
first-quarter revenue of $1.35 billion to
$1.45 billion, down from an earlier
estimate of as much as $1.6 billion.
Agilent (A: news, chart, profile) also
projected a loss from operations of 22
cents to 28 cents a share. Previously, it
forecast a loss of 5 cents to 15 cents.
The company was expected to lose 12
cents on sales of $1.53 billion,
according to the consensus of analysts
surveyed by Thomson First Call.
"We are seeing a collective hesitation
by many of our customers, who are
deferring big ticket capital
expenditures," Agilent Chief Executive
Ned Barnholt said in a statement.
"Whether because of general economic
weakness or geopolitical uncertainties,
the result has been a continuation of the
pattern of weak orders that we've
experienced for the past year and a
half," he said.
Agilent is slated to issue results on
Feb. 21.
On Wednesday, shares of Agilent (A:
news, chart, profile) rose 2 cents to
$16.32.
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