Keysight’s communications solutions segment sees drop in commercial communications revenues, more than offset by aerospace/defense growth
Keysight Technologies continued a run of recent record quarters, reporting that it brought in revenues of $1.38 billion—a figure that was roughly flat compared to the same period last year, but still counted as a company record, according to a release.
Keysight noted that when the impacts of currency changes and of businesses newly acquired or divested in the past 12 months were left out, its revenues were up 1% year-over-year.
Net income dropped, however, from $338 million in its fiscal third quarter of 2022 to $288 million.
Interestingly, the company’s Communications Solutions Group (CSG), its largest business segment, saw a drop in its revenues of 5%. Keysight said that it saw a 12% decline in commercial communications-related revenues, but that aerospace, defense and government revenues grew 11%. That growth was driven by “technology modernization, space and satellite, radar, and research in 5G and 6G technologies,” the company said.
Meanwhile, in Keysight’s Electronic Industrial Solutions Group (EISG), the company saw revenues up 14% year-over-year to $464 million, which it said was driven by “up 14 percent over last year, driven by g”rowth across semiconductor solutions, general electronics, and next-generation automotive and energy technologies.”
Satish Dhanasekaran, Keysight’s president and CEO, said that the company’s results demonstrate “the strength of our portfolio and the resilience of our financial model. Despite near-term macro challenges, Keysight’s diversified business, strong customer engagement through our differentiated solutions portfolio, and durable operating model give us confidence in our ability to capitalize on the long-term secular growth trends of our markets, as well as outperform in a variety of market conditions.”
Keysight expects that its fiscal fourth-quarter revenues will be in the range of $1.29 billion to $1.31 billion, and has offered full-year 2023 revenue guidance at a midpoint of $5.45 billion.
