Keysight Technologies Inc. (NYSE:KEYS) shares are trading lower in the premarket session on Wednesday.
On Tuesday, after the closing bell, the company reported first-quarter 2024 adjusted earnings per share of $1.63, beating the street view of $1.59. Quarterly revenues of $1.259 billion beat the analyst consensus of $1.248 billion.
Revenues, however, fell from $1.38 billion in the year-ago period. 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 totaled $1.75 billion.
Outlook: Keysight’s second-quarter revenue is expected to be $1.19 billion-$1.21 billion (estimate at $1.25 billion).
Non-GAAP earnings per share for the second fiscal quarter of 2024 are expected to be $1.34-$1.40 (estimate at $1.61).
Price Action: KEYS shares are trading lower by 6.75% to $144.00 premarket on the last check Wednesday.
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