Exhibit 99.1

EDITORIAL CONTACTS: PRGP42SN424

Michele Drake

+1 650 752 5296

michele_drake@agilent.com

Jorgen Tesselaar (Europe and Asia)

+31 20 547 2825

jorgen_tesselaar@agilent.com

INVESTOR CONTACT:

Hilliard Terry

+1 650 752 5329

hilliard_terry@agilent.com

Agilent Technologies Reports Fourth Quarter 2004 Results

PALO ALTO, Calif., Nov. 11, 2004 — Agilent Technologies Inc. (NYSE: A) today reported orders of $1.60 billion for the fourth fiscal quarter ended Oct. 31, 2004, 8 percent below one year ago. Revenues during the quarter were $1.82 billion, 9 percent ahead of last year. Fourth quarter GAAP net earnings were $74 million, or $0.15 per diluted share, compared to $13 million, or $0.03 per share, in last year’s fourth quarter.

Excluding $79 million of net restructuring and amortization charges, Agilent reported fourth quarter operating net income of $153 million, or $0.30 per share. On a comparable basis, the company earned $71 million, or $0.15 per share, one year ago.

For the full year 2004, Agilent achieved orders of $7.00 billion, up 15 percent from 2003, and revenues of $7.18 billion, up 19 percent from one year ago. This year, GAAP diluted earnings per share were $0.71, compared to a loss of $4.35 last year. Operating earnings⁽¹⁾ were $1.05 per share this year compared to a loss of $0.26 per share in 2003.

“Agilent continued to face a difficult environment in several of its key markets,” said Ned Barnholt, Agilent chairman, president and chief executive officer. “Compared to last quarter, however, our gross margins improved, operating expenses declined, working capital remained under good control and we generated $394 million in free cash flow⁽²⁾ — despite $63 million lower revenues.”

Fourth quarter revenues, at $1.82 billion, were below company expectations because of weak conditions in semiconductor-related businesses. Operating earnings, at $0.30 per share, met the bottom of the company’s guidance range of $0.30 to $0.35 per share.

“For 2004 overall, we are pleased with Agilent’s performance despite the mixed finish,” Barnholt said. “During the year, we completed the company’s operational transformation that we began three years ago.”

From 2001 through 2004, Agilent reduced its operating breakeven by more than 35 percent, completely transformed its IT systems environment and reduced the number of IT applications by more than 75 percent, restored its Test and Measurement segment to traditional levels of profitability, and achieved both double-digit growth and double-digit operating margins in its Life Sciences and Chemical Analysis (LSCA) segment.

“Performance on the balance sheet has been strong, with inventory days-on-hand, receivables days sales outstanding and fixed investment all near historical lows,” Barnholt said. “As a result, Agilent has become consistently free-cash-flow positive⁽²⁾. During the past 12 months, we increased cash by over $700 million to more than $2.3 billion.”

Looking to fiscal 2005, the company said it expects the sharp adjustment in the semiconductor markets to continue to impact the performance of its Semiconductor Products and Automated Test segments for the next three to six months. Meanwhile, Test and Measurement growth is moderating because of slowing growth in mobile phone production. LSCA, on the other hand, shows few signs of slowing from its recent double-digit growth trend.

The company expects first quarter fiscal 2005 revenues of $1.60 billion to $1.70 billion and operating earnings of $0.14 to $0.21 per share ⁽³⁾.

“Our commitment is to continue to manage costs and margins aggressively in the short term while maintaining investments critical to long-term market leadership and sustained creation of shareholder value,” Barnholt said.

Segment Results

Test and Measurement

(in millions)

Fourth quarter Test and Measurement orders of $693 million were 7 percent above one year ago but down 11 percent from the third quarter. Overall segment demand was driven by seasonally strong aerospace and defense business and robust general-purpose markets, while weakness was concentrated in wireless handset manufacturing test. Revenues of $788 million were 25 percent above last year and 3 percent ahead of three months earlier.

Fourth quarter operating profits of $116 million were improved by $127 million compared to one year ago on $157 million higher revenues, demonstrating the full benefits of aggressive restructuring and lower levels of discounts. Compared to the third quarter, segment profits were up $28 million on a $20 million increase in revenues as segment operating margins improved to 14.7 percent from the third quarter’s 11.5 percent. During the quarter, Test and Measurement achieved an 18 percent Return on Invested Capital⁽⁵⁾ (ROIC), up from 14 percent in the third quarter and (0) percent one year ago.

Automated Test

(in millions)

Fourth quarter Automated Test orders of $137 million were down 47 percent from one year ago to the lowest level since early 2003. All product lines were weaker except parametric test as semiconductor manufacturers slowed production and delayed capital investments. Utilization rates for SOC testers at semiconductor contract manufacturers (SCMs) did improve by about five points to 90 percent during the quarter, suggesting that the period of semiconductor industry digestion and cautious ordering may not be very extended. Revenues of $196 million were 25 percent below last year and down 19 percent sequentially.

The segment had an operating loss of $7 million during the quarter compared to profits of $45 million one year ago on $64 million lower revenues. During the quarter, gross margins were depressed by lower volumes and intense competitive pressures. Operating expenses were relatively flat year-to-year, with R&D up and SG&A lower as the company released a new generation of flash memory and SOC test systems. The company entered the flat panel test market during the quarter with the introduction of a new test platform and acquisition of IBM’s flat panel test business.

Semiconductor Products

(in millions)

Semiconductor Products orders were $403 million during the fourth quarter, down 18 percent from one year ago and off 14 percent sequentially. Orders declined virtually across the board as customers reacted quickly to

excess inventories built up over the past few months. Personal systems orders were down 12 percent from last year and off 16 percent sequentially; networking systems orders dropped 31 percent from last year and were down 9 percent sequentially. Fourth quarter revenues of $486 million were 5 percent above last year and down 10 percent sequentially.

Segment profits of $8 million were $32 million below last year despite a $23 million increase in revenues; margins were hurt by severe price pressures in camera modules and fiber optics. Sequentially, profits were down $25 million on a $53 million reduction in revenues. Segment ROIC⁽⁵⁾ was 6 percent during the quarter compared to 16 percent one year ago and 15 percent during the third quarter. During the quarter, the company announced plans for the sale of its camera module business to Flextronics.

Life Sciences and Chemical Analysis

(in millions)

Life Sciences and Chemical Analysis had an outstanding quarter. Orders of $366 million were 10 percent above last year, with Life Sciences orders up 11 percent and Chemical Analysis up 9 percent. Revenues of $352 million were 10 percent above last year and up 5 percent sequentially.

Segment profits of $58 million were $5 million above last year on a $31 million increase in revenues; the segment operating margin of 16.5 percent equaled last year’s record level. During the quarter, the segment achieved an ROIC⁽⁵⁾ of 25 percent, compared with last year’s ROIC of 30 percent and 23 percent in the third quarter.

About Agilent Technologies

Agilent Technologies Inc. (NYSE: A) is a global technology leader in communications, electronics, life sciences and chemical analysis. The company’s 28,000 employees serve customers in more than 110 countries. Agilent had net revenue of $7.2 billion in fiscal year 2004. Information about Agilent is available on the Web at www.agilent.com.

Agilent management will host a live webcast of its quarterly conference call with the investment community in listen-only mode today at 1:30 p.m. (PT). Listeners may log on at www.investor.agilent.com and select “Fourth Quarter FY04 Financial Results Conference Call” under “Events & Presentations.” The webcast will remain on the company site for 90 days.

A telephone replay of the conference call will be available from 4:30 p.m. (PT) today through Nov. 18 by dialing + 1 719 457 0820 and entering pass code 835568.

Forward-Looking Statements

This news release contains forward-looking statements (including, without limitation, information regarding the markets we serve and the conditions in those markets, growth rates in our businesses, revenues, operating margins, costs and earnings) that involve risks and uncertainties that could cause results of Agilent to differ materially from management’s current expectations.

In addition, other risks that Agilent faces in running its operations include the ability to execute successfully through business cycles while it continues to implement workforce and other cost reductions; the ability to meet and achieve the benefits of its cost-reduction goals and otherwise successfully adapt its cost structures to continuing changes in business conditions; ongoing competitive, pricing and gross margin pressures; the risk that our cost-cutting initiatives will impair our ability to develop products and remain competitive and to operate effectively; the impact of geopolitical uncertainties on our markets and our ability to conduct business; the ability to improve asset performance to adapt to changes in demand; the ability to successfully introduce new products at the right time, price and mix, and other risks detailed in Agilent’s filings with the Securities and Exchange Commission, including our Quarterly Report on Form 10-Q for the quarter ended July 31, 2004.

# # #

⁽¹⁾Before net restructuring and amortization charges in all periods.

⁽²⁾Free cash flow is defined as Net Cash provided by operating activities less Investments in property, plant and equipment.

⁽³⁾Agilent’s expected range of EPS for Q105 excludes restructuring, which cannot be estimated, and amortization of intangibles, which is expected to be approximately $1 million per quarter. The annual non-GAAP tax rate is assumed to be 24 percent. Beginning in Q304, Agilent is treating its senior convertible debentures as “if converted.” As a result, approximately 36 million shares were added to the denominator of diluted EPS, and $6.2 million of associated after-tax quarterly interest expense was added back to the numerator.

⁽⁴⁾Before restructuring charges in all periods.

⁽⁵⁾Refer to financial results tables for ROIC.

AGILENT TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(In millions, except per share amounts)

(Unaudited)

Historical amounts were reclassified to conform with current period presentation.

AGILENT TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(In millions, except per share amounts)

(Unaudited)

AGILENT TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

Excluding Restructuring, Amortization of Intangibles

and Non-Operational Items

(Unaudited)

We provide non-GAAP financial information in order to provide meaningful supplemental information regarding our operational performance and to enhance our investors’ overall understanding of our core current financial performance and our prospects for the future. We believe that our investors benefit from seeing our results “through the eyes” of management in addition to the GAAP presentation. Management measures segment and enterprise performance using measures such as are disclosed in this release. This information facilitates management’s internal comparisons to the company’s historical operating results and comparisons to competitors operating results.

Non-GAAP information allows for greater transparency to supplemental information used by management in its financial and operational decision making. Historically, we have reported similar non-GAAP information to our investors and believe that the inclusion of comparative numbers provides consistency in our financial reporting.

This information is not in accordance with, or an alternative for, generally accepted accounting principles in the United States. It excludes items, such as restructuring and amortization, that may have a material effect on the company’s net income (loss) and net income (loss) per share calculated in accordance with GAAP. Management monitors these items to ensure that expenses are in line with expectations and that our GAAP results are correctly stated but does not use them to measure the ongoing operating performance of the company. The non-GAAP information we provide may be different from the non-GAAP information provided by other companies.

Historical amounts were reclassified to conform with current period presentation.

AGILENT TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

Excluding Restructuring, Amortization of Intangibles

and Non-Operational Items

(Unaudited)

We provide non-GAAP financial information in order to provide meaningful supplemental information regarding our operational performance and to enhance our investors’ overall understanding of our core current financial performance and our prospects for the future. We believe that our investors benefit from seeing our results “through the eyes” of management in addition to the GAAP presentation. Management measures segment and enterprise performance using measures such as are disclosed in this release. This information facilitates management’s internal comparisons to the company’s historical operating results and comparisons to competitors operating results.

Non-GAAP information allows for greater transparency to supplemental information used by management in its financial and operational decision making. Historically, we have reported similar non-GAAP information to our investors and believe that the inclusion of comparative numbers provides consistency in our financial reporting.

This information is not in accordance with, or an alternative for, generally accepted accounting principles in the United States. It excludes items, such as restructuring and amortization, that may have a material effect on the company’s net income (loss) and net income (loss) per share calculated in accordance with GAAP. Management monitors these items to ensure that expenses are in line with expectations and that our GAAP results are correctly stated but does not use them to measure the ongoing operating performance of the company. The non-GAAP information we provide may be different from the non-GAAP information provided by other companies.

Historical amounts were reclassified to conform with current period presentation.

AGILENT TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEET

(In millions, except par value and share amounts)

(Unaudited)

AGILENT TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(In millions)

(Unaudited)

AGILENT TECHNOLOGIES, INC

RECONCILIATION FROM GAAP TO NON-GAAP

NET INCOME

THREE MONTHS ENDED OCTOBER 31, 2004

(Unaudited)

We provide non-GAAP financial information in order to provide meaningful supplemental information regarding our operational performance and to enhance our investors’ overall understanding of our core current financial performance and our prospects for the future. We believe that our investors benefit from seeing our results “through the eyes” of management in addition to the GAAP presentation. Management measures segment and enterprise performance using measures such as those that are disclosed in this release. This information facilitates management’s internal comparisons to the company’s historical operating results and comparisons to competitors’ operating results.

Non-GAAP information allows for greater transparency to supplemental information used by management in its financial and operational decision making. Historically, we have reported similar non-GAAP information to our investors and believe that the inclusion of comparative numbers provides consistency in our financial reporting.

This information is not in accordance with, or an alternative for, generally accepted accounting principles in the United States. It excludes items, such as restructuring and amortization, that may have a material effect on the company’s net income (loss) and net income (loss) per share calculated in accordance with GAAP. Management monitors these items to ensure that expenses are in line with expectations and that our GAAP results are correctly stated but does not use them to measure the ongoing operating performance of the company. The non-GAAP information we provide may be different from the non-GAAP information provided by other companies.

AGILENT TECHNOLOGIES, INC

RECONCILIATION FROM GAAP TO NON-GAAP

NET INCOME

TWELVE MONTHS ENDED OCTOBER 31, 2004

(Unaudited)