Shares of Keysight Technologies Inc. KEYS rose more than 2% in the extended session Monday after the maker of test and measurement equipment and software reported quarterly earnings above expectations, saying it was set up for a recovery despite a “challenging” macroeconomic environment. Keysight earned $226 million, or $1.28 a share, in the quarter, compared with $299 million, or $1.66 a share, in the fourth quarter of 2022. Adjusted for one-time items, the company earned $1.99 a share. Revenue fell to $1.31 billion, from $1.44 billion last year. FactSet consensus called for adjusted earnings of $1.87 a share on sales of $1.3 billion. Keysight called for fiscal first-quarter revenue in a range between $1.235 billion and $1.255 billion, and adjusted EPS between $1.53 and $1.59. Analysts polled by FactSet expect fiscal first-quarter earnings of $1.68 a share on sales of $1.245 billion. “In what remains a challenging macro environment, our strategic customer engagement is high, and we are continuing to capitalize on opportunities across a broad and diverse set of end markets, positioning us well for an eventual recovery,” Chief Executive Satish Dhanasekaran said in a statement. Shares of Keysight ended the regular trading day up 1.3%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.