Keysight Technologies Inc. KEYS shares are trading lower in Wednesday’s pre-market session.
After the closing bell on Tuesday, the company reported first-quarter 2024 adjusted earnings per share of $1.63, beating the street view of $1.59. Quarterly revenue of $1.259 billion beat analysts’ consensus of $1.248 billion.
Revenue, however, fell from $1.38 billion in the same period a year ago. Communications Solutions Group (CSG) reported revenue of $839 million, down 11% year over year.
Electronic Industrial Solutions Group reported revenue of $420 million, down 5% year-over-year.
Cash flow from operations was $328 million, compared to $366 million last year. Free cash flow was $281 million, compared to $306 million in the year-ago period.
As of January 31, 2024, cash and cash equivalents were $1.75 billion.
View: Keysight’s second-quarter revenue is expected to be $1.19-1.21 billion (estimated at $1.25 billion).
Non-GAAP earnings per share for the fiscal second quarter of 2024 are expected to be $1.34-$1.40 (estimated at $1.61).
Price Action: At last check on Wednesday, KEYS shares were trading 6.75% lower at $144.00.