Keysight Technologies, Inc. (NYSE: KEYS) shares began Friday in decline, on reporting financial results for its third fiscal quarter.
The Santa Rosa, Calif.-based company said orders were $1,067 million, compared with $1,110 million last year, a decrease of 4%.
GAAP revenue proved $1,011 million, compared with $1,087 million last year. Non-GAAP revenue decreased 7% on a core basis, which excludes the impact of foreign currency changes and revenue associated with businesses acquired or divested within the last 12 months.
GAAP net income was $176 million, or $0.93 per share, compared with GAAP net income of $159 million, or $0.83 per share, in the third quarter of 2019.
As of July 31, 2020, cash and cash equivalents totaled $1,697 million.
Keysight’s fourth fiscal quarter of 2020 revenue is expected to be in the range of $1,170 million to $1,190 million. Non-GAAP earnings per share for the fourth fiscal quarter of 2020 are expected to be in the range of $1.42 to $1.48, which exclude items that pertain to future events and are not currently estimable with a reasonable degree of accuracy
Said CEO Ron Nersesian, "Keysight delivered stronger-than-expected third quarter results as we ramped production capacity back to nearly 100% by quarter-end. Our execution and financial performance demonstrated the exceptional resilience of our business for the second quarter in a row, even with continued macro challenges.
"The Keysight team rapidly adapted to a new operating environment, while delivering on our commitments to customers, partners, and shareholders.”
KEYS fell $1.73, or 1.7%, to $101.09 first thing Friday.
