Agilent takes a hit on 3Q earnings

Despite an 8% increase in third quarter revenue to $1.5 billion, Agilent Technologies reported a $1.56 billion loss, or $3.28 a share, for the quarter ended July 31. The loss was due largely to a $1.4 billion non-cash charge for conforming to new accounting standards that affect the company's tax expense and shareholders' equity, but not its cash flow, liquidity or future prospects, and a $99 million charge for restructuring and amortization.

With $1.5 billion to $1.6 billion in the hopper for next quarter, Agilent CEO Ned Barnholt said he expects his company to meet its commitment to achieve an operating break-even cost structure of $1.45 billion and return to profitability in the fourth quarter of this year. Barnholt's bellwether for an improving economy, the semiconductor-equipment business, saw orders reach their highest level in three years.