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Keysight Technologies Reports First Quarter 2021 Results
Record First Quarter Orders and Revenue
Strong execution drives above guidance results
SANTA ROSA, Calif., February 18, 2021
Keysight Technologies, Inc. (NYSE: KEYS) today reported financial results for the first fiscal quarter of 2021 ended January 31, 2021.
"Keysight delivered an outstanding first quarter and a strong start to the year with both revenue and earnings exceeding the high end of our guidance. Order and revenue growth in the quarter was driven by strong execution and robust demand for our broad portfolio of differentiated solutions across all regions," said Ron Nersesian, Keysight's Chairman, President and CEO. "We enter the year with momentum across multiple end markets and confidence in our revenue and earnings growth trajectory."
First Quarter Financial Summary
- Orders grew 7 percent to reach $1.22 billion, compared with $1.14 billion last year.
- Revenue grew 8 percent to reach $1.18 billion, compared with $1.10 billion last year, or 6 percent on a core basis, which excludes the impact of foreign currency changes and revenue associated with businesses acquired or divested within the last twelve months.
- GAAP net income was $172 million, or $0.92 per share, compared with $163 million, or $0.86 per share, in the first quarter of 2020.
- Non-GAAP net income was $270 million, or $1.43 per share, compared with $240 million, or $1.26 per share in the first quarter of 2020.
- As of January 31, 2021, cash and cash equivalents totaled $1.89 billion.
- Communications Solutions Group (CSG)
CSG reported revenue of $852 million in the first quarter, up 4 percent over last year, driven by robust year-end spending in aerospace, defense and government across all major regions.
- Electronic Industrial Solutions Group (EISG)
EISG reported revenue of $328 million in the first quarter, up 18 percent over last year, driven by strength in our semiconductor measurement and general electronics solutions, particularly in Asia Pacific.
Keysight's second fiscal quarter of 2021 revenue is expected to be in the range of $1.19 billion to $1.21 billion. Non-GAAP earnings per share for the second fiscal quarter of 2021 are expected to be in the range of $1.29 to $1.35, which exclude items that pertain to future events and are not currently estimable with a reasonable degree of accuracy. Therefore, no reconciliation to GAAP amounts has been provided. Further information is discussed in the section titled "Use of Non-GAAP Financial Measures" below.
Keysight's management will present more details about its first quarter FY2021 financial results and its second quarter FY2021 outlook 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 to the call at www.investor.keysight.com under the "Upcoming Events" section and select "Q1 2021 Keysight Technologies Inc. Earnings Conference Call" to participate or dial +1 833-968-2178 (U.S. only) or +1 778-560-2837 (International) and enter passcode 3577955. The webcast will remain on the company site for 90 days.
This communication contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. The words "expect," "intend," "will," "should," "forecast," and similar expressions, as they relate to the company, are intended to identify forward-looking statements. These forward-looking statements involve risks and uncertainties that could significantly affect the expected results and are based on certain key assumptions of Keysight's management and on currently available information. Due to such uncertainties and risks, no assurances can be given that such expectations or assumptions will prove to have been correct, and readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Keysight undertakes no responsibility to publicly update or revise any forward-looking statement. The forward-looking statements contained herein include, but are not limited to, information and future guidance on the company's goals, revenues, financial condition, earnings, impacts of US export control regulations, and operations that 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 disruption in the supply chain, government mandates related to pandemic conditions; changes in the demand for current and new products, technologies, and services; customer purchasing decisions and timing; and order cancellations.
In addition to the risks above, other risks that Keysight faces include those detailed in Keysight's filings with the Securities and Exchange Commission on Keysight's annual report on Form 10-K for the fiscal year ended October 31, 2020.
Segment data reflects the results of our reportable segments under our management reporting system. Segment data are provided on page 5 of the attached tables.
Use of Non-GAAP Financial Measures
In addition to financial information prepared in accordance with U.S. GAAP ("GAAP"), this document also contains certain non-GAAP financial measures based on management's view of performance, including:
- Core Revenue
- Non-GAAP Net Income
- Non-GAAP Net Income per share
Income per share is based on weighted average diluted share count. See the attached supplemental schedules for reconciliations of each non-GAAP financial measure to its most directly comparable GAAP financial measure for the three months ended January 31, 2021. Following the reconciliations is a discussion of the items adjusted from our non-GAAP financial measures and the company's reasons for including or excluding certain categories of income or expenses from our non-GAAP results.
About Keysight Technologies
Keysight Technologies, Inc. (NYSE: KEYS) is a leading technology company that helps enterprises, service providers and governments accelerate innovation to connect and secure the world. Keysight's solutions optimize networks and bring electronic products to market faster and at a lower cost with offerings from design simulation, to prototype validation, to manufacturing test, to optimization in networks and cloud environments. Customers span the worldwide communications ecosystem, aerospace and defense, automotive, energy, semiconductor and general electronics end markets. Keysight generated revenues of $4.2B in fiscal year 2020. More information is available at www.keysight.com.
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