Keysight results for the first quarter 2024

  • Keysight Technologies has published its financial results for the first fiscal quarter ended January 31, 2024.
  • The US company reported a decline in sales for the first quarter of 2024 compared with the same period last year.
  • Sales of $1.26 billion in the first quarter of 2024 are expected to fall to between $1.19 and $1.21 billion in the second fiscal quarter of 2024.

 
“Keysight delivered first-quarter results above the high end of our guidance. While the overall demand environment remains constrained, orders increased in the aerospace, defense and government solutions sectors, as well as in AI-driven networking and data center applications. We were also pleased to finalize the acquisition of ESI ahead of schedule in January,” said Satish Dhanasekaran, Keysight’s President and CEO.

Keysight results for the first quarter of 2024

– Sales: $1.26 billion, compared with $1.38 billion in Q1 2023.
– GAAP net income: $172 million, compared with $260 million in the first quarter 2023.
– Non-GAAP net income: $286 million, compared with $363 million in the first quarter 2023.
– Free cash flow: $281 million, compared with $306 million in the first quarter 2023.

(*)GAAP : Generally Accepted Accounting Principles

  • Communications Solutions Group (CSG)
    The CSG business segment generated revenues of $839 million in the first quarter, down 11% year-on-year. Sales in commercial communications were down 14%, while those in aerospace, defense and government solutions were down 5%.
  • Electronic Industrial Solutions Group (EISG)
    The EISG business segment reported first-quarter sales of $420 million, down 5% year-on-year. This reflects the continuing constraint on customer spending on semiconductors and electronics manufacturing, partly offset by the integration of the business of French company ESI, whose acquisition Keysight recently announced.