Q3 2024 Keysight Technologies Inc Earnings Call Transcript
Key Points
- Keysight Technologies Inc (KEYS) delivered revenue and earnings above the high end of their guidance.
- Orders of $1.25 billion were slightly above expectations and showed low single-digit sequential growth.
- Commercial Communications orders grew low double digits, driven by strong growth in wireline.
- Software and services revenues grew, accounting for 39% of total revenue, with annual recurring revenue from software and services increasing year-over-year.
- The company returned over $715 million or 78% of free cash flow through share repurchases over the past four quarters.
- Revenue for the Electronic Industrial Solutions Group declined double digits year-over-year.
- Aerospace, defense, and government revenue and orders were down year-over-year, though sequentially flat.
- Customer spending in the semiconductor segment was down year-over-year, despite some sequential improvement.
- Automotive orders and revenues declined double digits, with lower auto manufacturing activity being a near-term headwind.
- The prolonged US budget approval process has caused delays in the appropriation of funding for new aerospace and defense projects.
Good day, ladies and gentlemen, and welcome to Keysight Technologies fiscal-third quarter 2024 earnings conference call. My name is Sarah, and I'll be your lead operator for today. (Operator Instructions)
This call is being recorded today Tuesday, August 20, 2024, at 1:30 PM Pacific Time. I would now like to hand the call over to Jason Kary, Vice President, Treasurer and Investor Relations. Please go ahead.
Thank you, and welcome everyone to Keysight's third quarter earnings conference call for fiscal year 2024, joining me are Keysight's President and CEO Satish Dhanasekaran; and our CFO Neil Dougherty. In the Q&A session, we'll be joined by Chief Customer Officer, Mark Wallace. The press release and information to supplement today's discussions are on our website at investor dot keysight.com under financial information and quarterly reports.
Today's comments will refer to non-GAAP financial measures. We will also make reference to core growth,
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