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Keysight Technologies tops Q3 estimates; lifts 2019 outlook

Keysight Technologies (NYSE: KEYS) rose about 7% in the extended hours as the company beat third quarter 2019 estimates and raised the fiscal 2019 outlook. GAAP revenue and non-GAAP revenue, both grew 8% to $1.087 billion and $1.088 billion, respectively. Non-GAAP EPS grew 41% to $1.25 in the third quarter ended July 31, 2019.

Analysts had projected the company to post earnings of $1.02 per share on revenue of $1.05 billion. Keysight shares ended up 2.11% at $89.14 today.

Keysight Technologies (KEYS) Q3 2019 earnings results

The Santa Rosa, California-based firm lifted its non-GAAP revenue outlook for fiscal 2019. The company now expects full-year non-GAAP revenue growth to be between 9% and 10% versus the previous growth guidance of 7% and 8%.

Keysight’s fourth quarter 2019 GAAP revenue is expected to be in the range of $1.078 billion to $1.098 billion and non-GAAP revenue is expected to be in the range of $1.080 billion to $1.100 billion. Non-GAAP EPS for Q4 is expected to be in the range of $1.14 to $1.20.

“Keysight delivered another excellent quarter with both revenue and earnings exceeding the high-end of our guidance. Record third quarter revenue was driven by growth across the majority of our end markets as we continued to capture a significant portion of the demand we see in the marketplace,” said CEO Ron Nersesian.

Read: iQiyi (IQ) stock plunges after reporting Q2 results

Non-GAAP revenue from Commercial Communications and Electronic Industrial Solutions end markets increased 23%, and 3%, respectively. However, non-GAAP revenue from Aerospace, Defense & Government and Ixia Solutions end markets registered a decline of 1% and 7%, respectively in the third quarter.

KEYS stock, which reached a 52-week high on July 1, had gained 43% so far this year and 47% in the trailing 12 months.

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