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Keysight Technologies Q3 Results Top Street, Outlook Strong, Stock Up 12%

Shares of Keysight Technologies Inc. (KEYS) are up 12 percent on extended session on Tuesday after the company's earnings and revenues for the third quarter trumped Wall Street expectations and outlook for the current quarter also exceeded estimates.

Santa Rosa, California-based Keysight Technologies reported third-quarter profit of $121 million or $0.63 per share, compared to last year's loss of $18 million or $0.10 per share.

On an adjusted basis, earnings for the quarter were $170 million or $0.89 per share, up from $115 million or $0.61 per share last year. Analysts polled by Thomson Reuters estimate earnings of $0.79 per share for the quarter. Analysts' estimates typically exclude one-time items.

Keysight Technologies, which makes electronic measurement instruments, said revenues for the quarter grew 21 percent to $1.00 billion from $832 million last year. On an adjusted basis, revenues rose to $1.01 billion from $863 million. Analysts had a consensus revenue estimate of $962.73 million.

"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," said Ron Nersesian, Keysight president and CEO.

Nersesian said the revenue growth was driven by "broad-based order strength for our differentiated solutions as customers accelerate development in our key focus areas including 5G, automotive & energy and aerospace & defense."

Looking forward, Keysight expects fourth-quarter adjusted earnings of $0.85 to $0.91 per share and adjusted revenues of $1.00 billion to $1.02 billion. Analysts currently expect earnings of $0.85 per share and revenues of $983.2 million.

KEYS closed Tuesday's trading at $60.44, up $0.25 or 0.42%, on the NYSE. The stock further gained $7.76 or 12.84% in the after-hours trading.

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