You can tell by Agilent's third-quarter results: sales shot up by 31% year-over-year to $1.38 billion, or 24% if you remove the effects of acquisitions and discontinued businesses. That's the billed revenue: Incoming orders are growing even faster at a 39% clip and the all-important book-to-bill ratio stands well north of the neutral 1.0 mark. With business so brisk, it's no wonder that non-GAAP earnings more than tripled from $0.15 per share to $0.54 per share.
Among the division-shuffling moves, Agilent closed the sale of its network-testing unit to JDS Uniphase
With this new, rebalanced structure, Agilent is less of a competitor to JDS Uniphase and Keithley Systems
Should the shopping spree continue with borrowed funds, or should Agilent say that enough is enough? I think this business mix is about the right blend of proven profitability and forward-looking opportunity, but feel free to air your opinions in the comments below.
Fool contributor Anders Bylund holds no position in any of the companies discussed here. You can check out Anders' holdings and a concise bio if you like, and The Motley Fool is investors writing for investors.