Keysight notches another record quarter
Keysight Technologies recorded another record period, beating its own guidance with all-time best revenues and record orders in its fiscal second quarter ending April 30.
“Demand for our broad-based portfolio of differentiated solutions remains strong. We executed well and successfully navigated the geopolitical and supply chain challenges within the quarter,” said Satish Dhanasekaran, Keysight’s president and CEO, in a statement. “Our consistent performance is a testament to our strategy, our people, and the resilience of our business, and gives us confidence in our raised outlook for the year.”
Keysight’s orders were up 9% year-over-year to $1.46 billion for the quarter, while revenues grew 11% compared to the same time last year and reached $1.35 billion.
Profits for the quarter came in at $258 million, versus $186 million in the year-ago quarter.
In terms of segment revenues, Keysight’s Communications Solutions Group (CSG) revenues were $963 million for the quarter, up 10% from the same time last year. The company said those revenues were driven by “continued investments in 5G R&D and O-RAN adoption, new communications technologies such as 400G, 800G and terabit R&D, and wireline applications, as well as signal monitoring, cyber, space and satellite solutions.”
Meanwhile, the company’s Electronic Industrial Solutions Group (EISG) saw its revenues jump 13% from the year-ago period to $388 million, with growth across all regions that Keysight said benefited from demand for next-generation automotive, energy technologies and semiconductor measurement solutions.
Keysight also noted that it acquired about 1.9 million of its shares in a buyback on the open market, for a cost of about $289 million.
The test company anticipates that its third fiscal quarter revenues will be between $1.33-$1.35 billion and that its full fiscal year revenue growth will be around 8%.
Dhanasekaran officially took over his new leadership role as of May 1; Keysight’s longtime President and CEO Ron Nersesian retired from his position but is continuing to serve as executive chairman of the board.