Keysight Technologies Reports First Quarter 2020 Results

Record First Quarter GAAP Revenue of $1.095B Grew 9 Percent

GAAP Earnings Per Diluted Share Grew 43 Percent


SANTA ROSA, Calif., February 24, 2020 - Keysight Technologies, Inc. (NYSE: KEYS) today reported financial results for the first fiscal quarter of 2020 ended January 31, 2020.
“Keysight delivered another outstanding quarter and a strong start to the year with both revenue and earnings exceeding the high end of our guidance. Revenue growth in the quarter was driven by ongoing strength in 5G-related investments and increased spending in aerospace defense and semiconductor measurement," said Ron Nersesian, Keysight president and CEO. "Our consistent financial performance illustrates the strength of our differentiated solutions targeting a diverse set of end markets,” said Nersesian.

First Quarter Financial Summary
GAAP revenue grew 9 percent to reach $1.095 billion, when compared with $1.006 billion last year.
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 8 percent.
GAAP net income was $163 million, or $0.86 per share, compared with GAAP net income of $114 million, or $0.60 per share, in the first quarter of 2019.
Non-GAAP net income was $240 million, or $1.26 per share, compared with $176 million, or $0.93 per share in the first quarter of 2019.
As of January 31, 2020, cash and cash equivalents totaled $1.691 billion.

Reporting Segments
Communications Solutions Group (CSG)
CSG reported record first quarter revenue of $818 million in the first quarter, up 9 percent, driven by continued investments in the 5G ecosystem and broad-based growth across all regions in aerospace, defense and government.
Electronic Industrial Solutions Group (EISG)
EISG reported revenue of $277 million in the first quarter, up 8 percent, driven by semiconductor measurement solutions and next-generation automotive and energy technologies, with growth across all regions.

Outlook
Keysight’s second fiscal quarter of 2020 revenue is expected to be in the range of $1.138 billion to $1.178 billion.
Non-GAAP earnings per share for the second fiscal quarter of 2020 are expected to be in the range of $1.28 to $1.38, which exclude items that pertain to future events and are not currently estimable with a reasonable degree of accuracy. Therefore, no reconciliation to GAAP amounts has been provided. Further information is discussed in the section titled “Use of Non-GAAP Financial Measures” below.


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The following information was filed by Keysight Technologies, Inc. (KEYS) on Monday, February 24, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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