Warning Stings Agilent

Agilent Technologies Inc., the test and measurement company that Hewlett-Packard Co. spun off last month, said earnings in its latest quarter will lag analysts’ forecasts. Its shares tumbled 25%. Agilent expects profit of 18 cents to 22 cents a share for its fiscal third quarter ending July 31, down from 36 cents a year ago. Agilent, which first sold shares to the public in November, was expected to earn 35 cents, the average estimate of analysts polled by First Call/Thomson Financial. Profit was 36 cents in the year-ago period. Manufacturing constraints and parts shortages are preventing Agilent from meeting demand, especially in radio-frequency devices in the test and measurement business. It also cited weak sales in its health-care and chemical-analysis units. It’s Agilent’s second straight earnings disappointment. Shares of Palo Alto, Calif.-based Agilent plunged $19.13 to $54.94 on Instinet following the warning, the biggest drop since the shares began trading Nov. 17. They had closed the regular trading day down $1.06 at $73 on the New York Stock Exchange. Agilent is due to report final third-quarter results on Aug. 17.