KEYS comes through once again...
“Keysight delivered a very strong finish to the year with both revenue and earnings exceeding the high-end of our guidance for the quarter. Record-setting quarterly and annual revenue was driven by growth across our portfolio of differentiated solutions, and broad-based momentum across multiple end markets. We continued to execute on our strategy and growth initiatives, while exceeding our commitments to customers and shareholders,” said Ron Nersesian, Keysight president and CEO.
Fourth Quarter Financial Summary:
GAAP revenue grew 7 percent to reach $1.120 billion, when compared with $1.047 billion last year.
Non-GAAP revenue grew 7 percent to reach $1.122 billion. Non-GAAP core revenue, which also excludes the impact of foreign currency changes and revenue associated with businesses acquired or divested within the last twelve months, increased 7 percent.
GAAP net income was $195 million, or $1.02 per share, compared with GAAP net loss of $114 million, or $(0.61) per share, in the fourth quarter of 2018.
Non-GAAP net income was $254 million, or $1.33 per share, compared with $193 million, or $1.01 per share in the fourth quarter of 2018.
As of October 31, 2019, cash and cash equivalents totaled $1.598 billion.
Fiscal year 2019 Financial Summary:
GAAP revenue grew 11 percent over last year and totaled $4.303 billion. Non-GAAP revenue grew 10 percent to reach $4.312 billion. Non-GAAP core revenue grew 11 percent year-over-year.
GAAP net income was $621 million, or $3.25 per share, compared with $165 million, or $0.86 per share in fiscal 2018. Non-GAAP net income was $902 million, or $4.72 per share, compared with $618 million, or $3.24 per share in fiscal 2018.
Keysight acquired approximately 2.1 million shares in the open market at an average share price of $76.32, for a total consideration of $160 million during fiscal year 2019. Keysight has $410 million remaining under the current $500 million share repurchase authorization implemented in May 2019.
