Keysight Technologies (KEYS) Tops Q3 EPS by 10c, Beats on Revenues; Offers 4Q18 Revenue Outlook Above Consensus

August 21, 2018 4:03 PM EDT

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Keysight Technologies (NYSE: KEYS) reported Q3 EPS of $0.89, $0.10 better than the analyst estimate of $0.79. Revenue for the quarter came in at $1 billion versus the consensus estimate of $962.73 million.

“We delivered another excellent quarter with record Q3 orders of $1 billion and record revenue of $1 billion, and we are raising our core revenue outlook for the year. Third quarter GAAP revenue growth of 21 percent, or 15 percent on a non-GAAP core basis, was driven by broad-based order strength for our differentiated solutions as customers accelerate development in our key focus areas including 5G, automotive & energy and aerospace & defense,” said Ron Nersesian, Keysight president and CEO.

Third Quarter Financial Summary

  • GAAP revenue grew 21 percent to reach $1,004 million, when compared with $832 million last year. Non-GAAP revenue, which excludes the impact of fair value adjustments to acquisition-related deferred revenue balances, grew 17 percent to reach $1,008 million. Non-GAAP core revenue, which also excludes the impact of foreign currency changes and revenue associated with businesses acquired or divested within the last twelve months, increased 15 percent.
  • GAAP net income was $121 million, or $0.63 per share, compared with a GAAP net loss of $18 million, or a loss of $0.10 per share, in the third quarter of 2017. Non-GAAP net income was $170 million, or $0.89 per share using 191 million weighted average shares, compared with $115 million, or $0.61 per share using 188 million weighted average shares in the third quarter of 2017.
  • As of July 31, 2018, cash and cash equivalents totaled $742 million.

GUIDANCE:

Keysight Technologies sees FY2018 revenue of $1-1.02 billion, versus the consensus of $0.983 billion.

For earnings history and earnings-related data on Keysight Technologies (KEYS) click here.



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