- Keysight Technologies has published its financial results for the fourth fiscal quarter and fiscal year ended October 31, 2024.
- While the US company’s sales fell by almost 9% year-on-year in 2023, to almost $5 billion, its non-GAAP net profit fell by around 26% and its GAAP net profit by just over 40%.
- Keysight estimates that its sales for the first fiscal quarter of 2025 should be between $1.265 billion and $1.285 billion.
“Keysight executed well and delivered fourth quarter revenue and earnings per share above the high end of guidance under market conditions which remained consistent with our expectations,” said Satish Dhanasekaran, Keysight’s President and CEO. “As we look ahead, the strength of our differentiated portfolio, deep engagement with customers, and the accelerating pace of technology innovation give us confidence in our ability to outperform as markets recover.”
Fourth Quarter Financial Summary
– Revenue was $1.29 billion, compared with $1.31 billion last year.
– GAAP net loss was $73 million compared with a GAAP net income of $226 million in the fourth quarter of 2023. This loss reflects a $315 million tax expense related to a new Singapore tax incentive and corresponding decrease in deferred tax assets.
– Non-GAAP net income was $288 million compared with $352 million in the fourth quarter of 2023.
– Cash flow from operations was $359 million, compared with $378 million last year.
– Free cash flow was $328 million, compared with $340 million in the fourth quarter of 2023.
– As of October 31, 2024, cash and cash equivalents totaled $1.80 billion.
Fiscal Year 2024 Financial Summary
– Revenue was $4.98 billion, compared with $5.46 billion last year.
– GAAP net income was $0.61 billion compared with $1.06 billion in fiscal 2023.
– Non-GAAP net income was $1.10 billion compared with $1.49 billion in fiscal year 2023.
– Cash flow from operations was $1.05 billion, compared with $1.41 billion last year.
– Free cash flow was $0.91 billion, compared with $1.21 billion in fiscal year 2023.
- Communications Solutions Group (CSG)
CSG reported revenue of $894 million in the fourth quarter, flat over last year, reflecting 4 percent growth in commercial communications driven by AI-related investment, while aerospace, defense, and government declined 6 percent versus a record high quarter last year. - Electronic Industrial Solutions Group (EISG)
EISG reported revenue of $393 million in the fourth quarter, down 6 percent over last year, reflecting ongoing constraint in manufacturing-related customer spending.
