Keysight Technologies Stock Climbs After Q3 Results: EPS Beat, Revenues Beat

Author: Erica Kollmann | August 20, 2024 04:29pm

Keysight Technologies Inc. (NYSE:KEYS) shares are trading higher Tuesday after the company posted better-than-expected third-quarter financial results. Here's a look at the details from the report. 

The Details: Keysight Technologies reported quarterly earnings of $1.57 per share which beat the analyst consensus estimate of $1.35 by 16.3%.

Quarterly sales came in at $1.22 billion, beating the analyst consensus estimate of $1.194 billion by 2.17%.

• Communications Solutions Group (CSG) reported revenue of $847 million in the third quarter, down 8 percent from the prior year, reflecting a 6% decline in commercial communications, while aerospace, defense and government decreased by 10%.

• Electronic Industrial Solutions Group (EISG) reported revenue of $370 million, down 20% from the prior year, reflecting continued restraint in general electronics, automotive and manufacturing-related customer spending.

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“Keysight delivered revenue and earnings above the high end of our guidance in market conditions that were stable and consistent with our expectations,” said Satish Dhanasekaran, Keysight’s president and CEO.

“The funnel of opportunities supports our outlook for second-half orders to be above first-half orders, followed by a more gradual recovery in 2025, barring any further macroeconomic degradation.”

Outlook: Keysight sees fourth-quarter earnings between $1.53 and $1.59 per share, versus the $1.54 estimate, and revenue in a range of $1.245 billion to $1.265 billion, versus the $1.25 billion estimate.

KEYS Price Action: According to Benzinga Pro, Keysight Technologies shares are up 11.50% after-hours at $154.50 at the time of publication Tuesday.

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• Bit Digital Reports Mixed Q2 Results: EPS Miss, Revenue Up 80%

Photo: Courtesy of Keysight Technologies Inc.

Posted In: KEYS