KEYSIGHT TECHNOLOGIES INC. $37(New York symbol KEYS; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 168.0 million; Market cap: $6.2 billion; Price-to-sales ratio: 2.2; No dividends paid; TSINetwork Rating: Average; www.keysight.com) makes gear for testing electronics.
The company sells its products to industrial clients, including computer chipmakers (43% of total revenue), communications equipment suppliers (34%) and aerospace and defence firms (23%).
In its fiscal 2015 first quarter, which ended January 31, 2015, Keysight’s revenue gained 4.5%, to $701 million from $671 million a year earlier. Without the negative impact of exchange rates, revenue rose 7%.
However, earnings before unusual items fell 3.0%, to $96 million from $99 million, while per-share earnings declined 5.0%, to $0.56 from $0.59, on more shares outstanding. That’s partly because the company’s research spending rose 6.7%, to $96 million (or 13.7% of revenue) from $90 million (or 13.4%).
This new firm holds cash of $887 million, or $5.28 a share, and its long-term debt of $1.1 billion is equal to 18% of its market cap.
The stock trades at a moderate 14.2 times the $2.60 a share that Keysight will probably earn in fiscal 2015. However, the company is more cyclical than Agilent, and it doesn’t pay a dividend.
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