Keysight Technologies reported financial results for the third fiscal quarter of 2019 ended July 31, 2019.
“Keysight delivered another excellent quarter with both revenue and earnings exceeding the high-end of our guidance. Record third-quarter revenue was driven by growth across the majority of our end markets as we continued to capture a significant portion of the demand we see in the marketplace,” said Ron Nersesian, Keysight president and CEO.
“We are also driving strong earnings growth with our commitment to operational excellence and raising our revenue outlook for the year. Given our differentiated portfolio of solutions, software and services and broad market reach, we believe we are well-positioned to continue to expand our leadership even as our markets evolve,” said Nersesian.
Third Quarter Financial Summary
- GAAP revenue grew 8 percent to reach $1,087 million, when compared with $1,004 million last year.
- Non-GAAP revenue grew 8 percent to reach $1,088 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 9 percent.
- GAAP net income was $159 million, or $0.83 per share, compared with GAAP net income of $121 million, or $0.63 per share, in the third quarter of 2018. This represents 32 percent year-over-year growth in GAAP earnings per diluted share.
- Non-GAAP net income was $239 million, or $1.25 per share, compared with $170 million, or $0.89 per share in the third quarter of 2018. This represents 41 percent year-over-year growth in non-GAAP earnings per diluted share.
- As of July 31, 2019, cash and cash equivalents totaled $1,394 million.
Keysight’s fourth fiscal quarter of 2019 GAAP revenue is expected to be in the range of $1,078 million to $1,098 million and non-GAAP revenue for the fourth fiscal quarter of 2019 is expected to be in the range of $1,080 million to $1,100 million.
Keysight’s management will present more details about its third-quarter FY2019 financial results and its fourth-quarter FY2019 outlook on a conference call with investors today at 1:30 p.m. PT. This event will be webcast in listen-only mode.
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