Electronics testing equipment maker Agilent Technologies Inc reported better-than-expected results and gave a strong forecast for the current quarter, sending its shares up over 2 percent on Monday.
The company reported a net loss of $19 million, or 6 cents a share, in its fiscal third quarter ended July 31, versus a year-ago net profit of $169 million, or 45 cents a share.
Excluding certain items, the company posted earnings of 15 cents a share, beating the average analyst estimate of 11 cents a share, according to Reuters Estimates.
Revenue fell 27 percent $1.06 billion, topping the Wall Street forecast of $1.02 billion.
Agilent forecast earnings excluding items for the current quarter of 20 cents to 25 cents a share. Wall Street is forecasting a profit of 20 cents a share.
The company expects revenue for the October quarter to improve seasonally.
Compared with three months ago, we have more confidence that the quarter just ended will represent the cyclical low point for Agilent, Chief Executive Bill Sullivan said in a statement.
Shares of Santa Clara, California-based Agilent closed at $23.56 on the New York Stock Exchange and rose to $24.10 in extended trading.
(Reporting by Gabriel Madway; Editing by Tim Dobbyn)