Sundry Photography I gave Keysight Technologies (NYSE:KEYS) stock a ‘Strong Buy’ rating in my previous article published in July 2023, highlighting the company’s potential to capitalize on 5G and software solutions. The company released their Q3 results on August 20th. The new order growth seems to have bottomed out during the quarter. I estimate the company will return to positive revenue growth by FY25. I reiterate a ‘Strong Buy’ rating with a one-year price target of $180 per share. Order Recovery Am ...

财务数据和关键指标变化 - 第三季度收入为12.17亿美元,超出预期区间的高端,同比下降12%或13%[31] - 订单为12.49亿美元,基本持平或下降1%[31] - 第三季度毛利率为64%,经营利润率为24%或26%[32] - 前三季度核心经营利润率下降仅400个基点,体现了业务的财务弹性[33] - 第三季度净收入为2.75亿美元,每股收益为1.57美元,其中包括0.16美元的税率变化影响[34] 各条业务线数据和关键指标变化 通信解决方案集团(CSG) - 收入为8.47亿美元,同比下降8%[35] - 商业通信收入为5.72亿美元,下降6%[35] - 航空航天国防收入为2.75亿美元,下降10%[35] - 毛利率为67%,经营利润率为26%[35] 电子工业解决方案集团(EISG) - 收入为3.7亿美元,同比下降20%或24%[36] - 毛利率为58%,经营利润率为20%,环比提升约100个基点[36] 各个市场数据和关键指标变化 商业通信 - 订单同比小幅增长,主要得益于有线通信的强劲增长[15][16] - 有线通信订单连续第三个季度增长,受益于数据中心网络升级和AI模型训练等需求[16][17] - 无线通信需求相对稳定,但同比仍有下降,受到客户谨慎态度的影响[19] 航空航天国防 - 收入和订单同比下降,环比持平[21] - 美国预算审批过程延迟导致新项目资金拨付推迟,但国防现代化支出保持稳定[21] - 公司在量子解决方案和频谱操作应用等领域获得重要订单[22] 电子工业 - 收入同比下降20%或24%,客户支出和市场环境疲弱[23][36] - 半导体收入同比下降,但订单小幅增长,受益于AI对高性能要求的推动[24] - 汽车订单和收入双位数下降,受制造活动下滑的影响[25] - 数字健康和先进研究等领域订单实现低双位数增长[26] 公司战略和发展方向及行业竞争 - 公司专注于通过创新和并购来扩大市场份额和增长机会[12][13] - 公司正在投资开发前沿技术能力,以把握行业变革机遇,并致力于为客户和股东创造价值[12][29] - 公司正在与客户合作,参与标准制定和生态系统建设,如AI集群网络、6G等[17][18][20] - 公司正在拓展安全评估、量子和软件测试等新兴业务领域[22][27][28] 管理层对经营环境和未来前景的评论 - 公司在当前经济环境下表现出色,保持了收入和盈利能力[10][14] - 订单呈现相对稳定,第二半年订单有望超过第一半年,但2025年的复苏可能较为缓慢[10][11][49][50] - 公司看好长期增长机遇,但短期内行业复苏的时间和幅度仍存在不确定性[47][48][50] 其他重要信息 - 公司已完成Spirent公司的股东批准,正在推进监管审批,预计将在2025财年上半年完成交易[66] - 公司修改了过去几年的税务申报,将降低2024财年及以后的有效税率从17%下调至14%[33] - 公司在过去4个季度内通过股票回购返还了78%的自由现金流[13] 问答环节重要的提问和回答 问题1 **Mark Delaney 提问** 订单在连续6个季度下降后出现了小幅回升,这是否意味着行业环境正在改善?[41] **Satish Dhanasekaran 回答** 公司对订单的稳定性和某些领域的增长持谨慎乐观态度,但目前还无法确定是否代表行业复苏的开始,需要更多时间观察[42][49][50] 问题2 **Aaron Rakers 提问** 之前公司曾预测5%-7%的长期收入复合增长率,现在是否有任何变化?[47] **Satish Dhanasekaran 回答** 公司的长期增长预期没有变化,但2021-2022年为异常高增长年,2023年基本持平,2024年为下滑年,公司将专注于业务稳定和缓慢复苏,待2025年再评估具体增长目标[48][49][50] 问题3 **Mehdi Hosseini 提问** 展望2025财年第一季度,公司是否预计订单会出现季节性下滑?[70][71] **Neil Dougherty 和 Mark Wallace 回答** 公司历史上第一季度订单和收入通常会出现中个位数的环比下降,但需要考虑到ESI业务的相反季节性。同时,公司当前的订单渠道动态正在改善,为下一财年的复苏奠定基础[70][71][74]

Keysight Technologies Q3 Fiscal Year 2024 Results August 20, 2024 Safe Harbor This communication contains forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbors created therein. Statements preceded by, followed by, or that otherwise include the words "anticipate," "assume," "plan," "estimate," "expect," "guidance," "intend," "implied," "target," "believe," "outlook, ...

Keysight (KEYS) reported $1.22 billion in revenue for the quarter ended July 2024, representing a year-over-year decline of 11.9%. EPS of $1.57 for the same period compares to $2.19 a year ago.The reported revenue represents a surprise of +1.99% over the Zacks Consensus Estimate of $1.19 billion. With the consensus EPS estimate being $1.35, the EPS surprise was +16.30%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their ...

Keysight (KEYS) came out with quarterly earnings of $1.57 per share, beating the Zacks Consensus Estimate of $1.35 per share. This compares to earnings of $2.19 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 16.30%. A quarter ago, it was expected that this electronic measurement technology company would post earnings of $1.39 per share when it actually produced earnings of $1.41, delivering a surprise of 1.44%.Over the last f ...

财务业绩 - 公司第三季度收入为12.17亿美元，同比下降12%[4] - 非GAAP净利润为2.75亿美元，每股1.57美元，同比下降28%[5] - 2023年第三季度收入为12.17亿美元，同比下降12%[53] - 非GAAP净利润为8.08亿美元，非GAAP每股收益为4.61美元[39] - 经营活动产生的现金流为2.55亿美元，自由现金流为2.22亿美元[49] 业务表现 - 通信解决方案业务收入为8.47亿美元，同比下降8%[6][42][53] - 电子工业解决方案业务收入为3.7亿美元，同比下降20%[7][44][53] - 航空航天、国防和政府市场收入为2.75亿美元,同比下降10%[53] - 商业通信市场收入为5.72亿美元,同比下降6%[53] - 电子工业市场收入为3.70亿美元,同比下降20%[53] 税务调整 - 公司调整了税务申报,减少了1.65亿美元的摊销扣除,使得非GAAP税率从17%下降至14%[41] - 修改税务申报后,非GAAP税率从17%下降至14%[41] 未来展望 - 预计第四季度收入在12.45亿美元到12.65亿美元之间，非GAAP每股收益在1.53美元到1.59美元之间[8] - 公司第三季度新订单为12.49亿美元[18] - 公司现金及现金等价物余额为16.32亿美元[26]

Analysts on Wall Street project that Keysight (KEYS) will announce quarterly earnings of $1.35 per share in its forthcoming report, representing a decline of 38.4% year over year. Revenues are projected to reach $1.19 billion, declining 13.7% from the same quarter last year.The current level reflects no revision in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.Be ...

Keysight Technologies, Inc. (KEYS) is scheduled to report third-quarter fiscal 2024 results on Aug 20 after the closing bell. It pulled off a trailing four-quarter earnings surprise of 4.43%, on average.Based in Santa Rosa, CA, the electronic design company is expected to have recorded a revenue contraction year over year owing to soft demand in Electronic Industrial Solutions Group. Weakness in some end markets of the Commercial Communication Group is likely to have affected the top line.Factors at PlayIn ...

Keysight Technologies, Inc. (KEYS) has achieved a significant milestone by enabling QUALCOMM Incorporated (QCOM) to establish the industry's first end-to-end interoperability and data connection in the high-band FR3 spectrum. This breakthrough represents a key advancement in wireless communication, setting new standards for network performance and user experience.The FR3 interoperability test, supported by Keysight's cutting-edge UXM E7515P and VXT3 M9416A platforms, along with Qualcomm’s Development Accele ...

Keysight Technologies, Inc. (KEYS) recently introduced two advanced higher power modules, the MP4351A and the MP4352A, to expand the capabilities of its MP4300A Series Modular Solar Array Simulator (SAS). The new mainframe and module models deliver an impressive 8.4 kW power capacity within just 2U of rack space. The high power density solution in a compact footprint reduces the capital expenditure.The SAS platform boasts six-channel outputs with flexible power and performance options. This enables engineer ...