Keysight Technologies Reports Second-Quarter 2015 Results

Highlights:

  • GAAP net income of $96 million, or $0.56 per share
  • Non-GAAP net income of $120 million, or $0.70 per share(1)
  • Revenues of $740 million, flat year-over-year
  • GAAP operating margin of 17 percent; non-GAAP operating margin of 20 percent(1)
  • Third-quarter fiscal year 2015 revenue guidance of $635 million to $675 million; non-GAAP earnings guidance of $0.37 to $0.51 per share(2)

SANTA ROSA, Calif. — (BUSINESS WIRE) — May 19, 2015 — Keysight Technologies, Inc. (NYSE: KEYS) today reported revenues of $740 million for the second fiscal quarter ended April 30, 2015, flat compared with one year ago. Second-quarter GAAP net income was $96 million, or $0.56 per share. Second-quarter GAAP operating margin was 17 percent.

During the second quarter, Keysight had share-based compensation of $13 million, separation costs of $5 million, intangible amortization of $2 million, asset impairment of $2 million and a tax expense of $1 million. Excluding these items and $1million of other net expenses, Keysight reported second-quarter non-GAAP net income of $120 million, or $0.70 per share.(1) Second-quarter non-GAAP operating margin was 20 percent.(1)

“We executed well and delivered solid results this quarter, with EPS at the high end of our guidance range,” said Ron Nersesian, Keysight president and CEO. “The quarter also marked the completion of the final steps in our separation from Agilent. With this important milestone behind us, we continue to focus on growing and creating value through innovative electronic design and test solutions.

“While we believe the market has softened, particularly in the communications segment, we are committed to maintaining our business model while continuing to focus on growth,” Nersesian added.

Keysight generated $68 million in cash from operations in the quarter. Second-quarter ROIC was 39 percent.(3)

Keysight’s third-quarter 2015 revenues are expected to be in the range of $635 million to $675 million. Third-quarter non-GAAP earnings are expected to be in the range of $0.37 to $0.51 per share.(2)

About Keysight Technologies

Keysight Technologies (NYSE: KEYS) is a global electronic measurement technology and market leader helping to transform its customers’ measurement experience through innovations in wireless, modular, and software solutions. Keysight’s electronic measurement instruments, systems, software and services are used in the design, development, manufacture, installation, deployment and operation of electronic equipment. The business had revenues of $2.9 billion in fiscal year 2014. Information about Keysight is available at www.keysight.com.

Keysight’s management will present more details about its second-quarter FY2015 financial results on a conference call with investors today at 1:30 p.m. PT. This event will be webcast in listen-only mode. Listeners may log on and select Q2 2015 Keysight Technologies, Inc. Results Conference Call in the Investor News & Events – Upcoming Events section at www.investor.keysight.com. The webcast will remain on the company site for 90 days.

A telephone replay of the conference call will be available at approximately 4:15 p.m. PT, May 19 through May 26 by dialing +1 855 859 2056 (or +1 404 537 3406 from outside the United States) and entering pass code 14714155.

Forward-Looking Statements

This news release contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. The forward-looking statements contained herein include, but are not limited to, information regarding Keysight’s future revenues, earnings and profitability; the future demand for the company’s products and services; and customer expectations. These forward-looking statements involve risks and uncertainties that could cause Keysight’s results to differ materially from management’s current expectations. Such risks and uncertainties include, but are not limited to, unforeseen changes in the strength of our customers’ businesses; unforeseen changes in the demand for current and new products, technologies, and services; customer purchasing decisions and timing, and the risk that we are not able to realize the savings expected from integration and restructuring activities.

In addition, other risks that Keysight faces include those detailed in Keysight’s filings with the Securities and Exchange Commission, including our Form 10-Q for the fiscal quarter ended Jan. 31, 2015. Forward-looking statements are based on the beliefs and assumptions of Keysight’s management and on currently available information. Keysight undertakes no responsibility to publicly update or revise any forward-looking statement.


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