Agilent Technologies reported revenue of $1.67 billion for the first quarter ended Jan. 31, 2022, an increase of 8% compared to the first quarter of 2021 and up 9% on a core basis.

On a GAAP basis, first-quarter net income was $283 million, or $0.93 per share. This compares with $288 million, or $0.93 per share, in the first quarter of fiscal year 2021. Non-GAAP(2) net income was $368 million, or $1.21 per share during the quarter, compared with $328 million or $1.06 per share during the first quarter a year ago.

“In the first quarter, we continued our momentum and the Agilent team again delivered results that exceeded expectations,” said Mike McMullen, Agilent president and CEO. “Building on our first quarter results, combined with a strong order book, we are raising our full year outlook, increasing our core growth and non-GAAP EPS expectations. The Agilent portfolio and team have never been stronger. I’m confident we will continue our outstanding execution for the remainder of the year.”

In the first quarter of 2022, Agilent implemented certain changes to its segment reporting structure. Prior period segment information has been recast to reflect these changes. These changes have no impact on Agilent’s consolidated financial statements.

Agilent has increased its full year outlook and now expects revenue of $6.67 billion to $6.73 billion for fiscal year 2022, representing reported growth of 5.6% to 6.5%, and resulting in an increase in core growth to a range of 7.0% to 8.0%. Fiscal year 2022 non-GAAP EPS is increased to an estimated range of $4.80 to $4.90.

The outlook for fiscal 2022 second-quarter revenue is expected to be in a range of $1.595 billion to $1.625 billion. Fiscal second-quarter non-GAAP earnings guidance is in a range of $1.10 to $1.12 per share.