Keysight Technologies reports record $1 billion in revenues

Keysight Technologies, the largest high-tech company in Sonoma County, reported a record $1 billion in revenues for the quarter ending July 31, exceeding Wall Street expectations and sending its stock soaring to new highs Tuesday.

The Santa Rosa company, which makes electronic measurement instruments, raised its projections for the remainder of the year after customers placed a record $1 billion in orders for its technology during the third quarter.

Investors applauded the results, driving up Keysight shares more than 13 percent in after-hours trading. Its stock, which closed Tuesday at $60.44, reached $68.50 in extended trading - the highest since it was spun off in 2014 as an independent company by Agilent Technologies.

Ron Nersesian, Keysight president and CEO, said the company’s growth is being driven by broad-based strength in orders for its equipment as customers accelerate development of technology used for 5G wireless networks, automotive, energy, aerospace and defense products.

“We delivered another excellent quarter with record Q3 orders of $1 billion and record revenue of $1 billion, and we are raising our core revenue outlook for the year,” Nersesian said in a statement.

GAAP revenues grew 21 percent from $832 million last year. Non-GAAP core revenue, which excludes the impact of foreign currency changes and revenue associated with businesses acquired or divested within the last 12 months, increased 15 percent.

GAAP net income was $121 million, or 63 cents per share, during the quarter. A year ago, the company reported a loss of $18 million, 10 cents per share.

Excluding the impact of one-time costs, net income was $170 million, or 89 cents per share. Analysts polled by Thomson Reuters had projected earnings of 79 cents per share.