Keysight Technologies Inc (NYSE:KEYS) Posts Strong Orders

Keysight Technologies Inc (NYSE:KEYS) stock rose 2.58% (As on November 19, 11:46:51 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the fourth quarter of FY 22. During the quarter, orders were record high at $1,570 million, up 5% year over year, owing to the strength and resiliency of the business model led by strategic efforts to diversify the industry exposure. Non-GAAP net income in the reported quarter was a record high at $386 million compared with $338 million in the year-earlier quarter. Cash flow from operations was $398 million, compared with $368 million last year. Free cash flow was $340 million, compared with $295 million in the fourth quarter of 2021. As of October 31, 2022, cash and cash equivalents totaled $2.04 billion with $1,793 million of long-term debt compared with the respective tallies of $2,052 million and $1,791 million in the prior-year period.

KEYS in the fourth quarter of FY 22 has reported the adjusted earnings per share of $2.14, beating the analysts’ estimates for the adjusted earnings per share of $1.99, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 11.5 percent to $1.44 million in the fourth quarter of FY 22, beating the analysts’ estimates for revenue of $1.4 billion. Communications Solutions Group (CSG) reported revenue of $992 million in the fourth quarter, up 8 percent over last year, driven by 5G platform strength, continued O-RAN adoption, and investment in 800G and 1.6 Terabit R&D, as well as spectrum operations, cybersecurity, space, and satellite solutions. CSG reported growth across all regions. Electronic Industrial Solutions Group (EISG) reported revenue of $451 million in the fourth quarter, up 20 percent over last year, driven by next-generation automotive and energy technologies, general electronics, and semiconductor solutions. EISG reported growth across all regions. During the quarter, Keysight achieved a non-GAAP gross margin of 64.2% and a non-GAAP operating margin of 29.9%. CSG reported a non-GAAP gross margin of 65.9%, while EISG reported a non-GAAP gross margin of 60.2%. CSG’s non-GAAP operating margin was 29.1% and EISG’s non-GAAP operating margin was 31.6%.

Keysight’s first fiscal quarter of 2023 revenue is expected to be in the range of $1.36 billion to $1.38 billion. Non-GAAP earnings per share for the first fiscal quarter of 2023 are expected to be in the range of $1.81 to $1.87.

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