Agilent Technologies, Sonoma County’s largest high-tech employer, cut its 2014 forecast Thursday as a result of lower revenue in its Santa Rosa-based electronic measurement division.
The electronic measurement division saw first-quarter revenues decline to $671 million, down 7.1 percent from a year ago.
The unit faced “challenges” in the aerospace and defense market, Agilent President and CEO Bill Sullivan told reporters and analysts in a conference call Thursday.
In addition, the timing of the Chinese New Year caused delays in shipments being accepted by customers and prevented the revenue from being included in the division’s first-quarter results, said Guy Séné, senior vice president of R&D and sales in the Electronic Measurement Group.
Had those orders been counted, it would have represented an additional $15 million in revenue and brought the company closer to meeting Wall Street’s expectations, Séné said.
“We basically missed because we could not recognize the products that we shipped,” Séné said Thursday.
Overall, the Santa Clara company posted $1.68 billion in revenues in the first quarter, essentially flat from a year ago.
It scaled back its forecast for annual revenues and profits. Agilent now expects annual revenues to range between $6.9 billion and $7.1 billion. In November, it forecast revenues of $6.95 billion to $7.15 billion. Adjusted annual profits were lowered to $2.96 to $3.16 a share, down from the November forecast of $3.03 to $3.33 per share.
Agilent shares fell 6 percent in after-hours trading Thursday to $56.57.
Agilent is in the process of splitting into two publicly traded companies. One, which will keep the Agilent name, will focus on life sciences and the pharmaceutical industry. The other, named Keysight Technologies, will be headquartered in Santa Rosa and retain the electronic measurement business.