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Agilent Technologies Reduces Its Cash Flow Guidance

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May. 17 2019, Published 2:12 p.m. ET

Cash flow and cash asset guidance

Agilent Technologies (A) has reduced its CFO (cash flow from operations) guidance from $1,100 million–$1,150 million to $1.025 million–$1,075 million. In fiscal 2019, analysts expect the company’s CFO to rise 42.60% YoY (year-over-year) to $280.93 million in the third quarter, and fall 4.88% YoY to $353.85 million in the fourth quarter.

They expect Agilent’s CFO to rise 2.22% YoY to $1.11 billion in fiscal 2019, 10.43% YoY to $1.23 billion in fiscal 2020, and 6.44% YoY to $1.31 billion in fiscal 2021, and for Agilent to have $2.15 billion, $2.49 billion, and $2.76 billion in cash at the end of each year, respectively.

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Debt projections

Analysts expect Agilent’s total debt to fall 0.02% YoY to $1.80 billion in fiscal 2019, 9.32% YoY to $1.63 billion in fiscal 2020, and 5.24% YoY to $1.55 billion in fiscal 2021.

Shareholder returns

In its second-quarter earnings investor presentation, Agilent reiterated its fiscal 2019 dividend guidance of $210 million. Analysts expect Agilent’s total dividends to rise 9.74% YoY to $209.60 million in fiscal 2019, 5.78% YoY to $221.73 million in fiscal 2020, and 12.53% YoY to $249.50 million in fiscal 2021.

In November 2018, Agilent secured authorization to repurchase $1.75 billion in stock, depending on market conditions. The company is planning for opportunitistic share repurchases of $500 million in the second half of fiscal 2019.

Second-quarter performance

In the second quarter, Agilent’s CFO fell 16.83% YoY to $252 million, and it had total debt and cash of $1.80 billion and $2.15 billion, respectively. The company returned $102 million to shareholders, of which $52 million was paid as dividends and $50 million was used to repurchase 635,000 shares.

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