SANTA ROSA, Calif.--(BUSINESS WIRE)--Keysight Technologies, Inc. (NYSE: KEYS) announced the launch of the UALink 1.0 (Ultra Accelerator Link) transmitter test solution, a dedicated compliance test tool for UALink devices. The new test application enables high-speed validation within advanced computing and AI interconnect systems, automating critical electrical measurements to ensure signal integrity and standard conformance at 200 Gb/s link speeds. UALink 1.0 technology was introduced in 2024 b. ...

SANTA ROSA, Calif.--(BUSINESS WIRE)--Keysight said 6G@UT at the University of Texas at Austin chose Keysight's 6G solutions for research on digital twins. ...

Group 1 - Keysight Technologies will showcase data center infrastructure solutions for AI/ML applications at ECOC 2025 [1] - The event will take place from September 29 to October 1, 2025, at Bella Centre in Copenhagen, Denmark [1] - Keysight will present optical test innovations at their booth C2120 [1]

Summary of Keysight (KEYS) 2025 Conference Call Company Overview - **Company**: Keysight Technologies (KEYS) - **Date**: September 03, 2025 Key Industry Insights 1. Growth Expectations - Full year guidance for fiscal 2025 has been raised from 5% to 7% over two quarters, indicating stronger than expected performance driven by several factors [2][3][4] 2. Performance by Segment - **Wireline**: Strong growth, driven by AI and semiconductor markets, with expectations for continued momentum into FY 2026 [3][6] - **Wireless**: Initially expected to stabilize, but has shown unexpected growth, contributing significantly to overall company growth [3][4] - **Aerospace and Defense**: Anticipated strong performance due to increased U.S. defense budgets and commitments from NATO allies [7][36] - **Automotive**: Caution noted due to challenges in EV manufacturing, although there is investment in software-defined vehicles [7][9] 3. Technological Advancements - Transition to higher speeds in wireline technology (400G to 1.6T) is ongoing, with significant R&D activity in both 800G and early 1.6T developments [20][21] - AI-driven acceleration is propelling growth in wireline business, particularly among chipset manufacturers and data center interconnects [12][18] 4. Wireless Market Dynamics - The 5G market is transitioning, with ongoing R&D and a focus on non-terrestrial networks (satellite applications) [22][24][26] - Six G research is gaining traction, with expectations for commercialization by the end of the decade [62][66] Financial Performance 5. Software Business - Software now constitutes approximately 25% of the company's revenue, with a significant recurring revenue component [49] - The software business is expected to provide margin benefits and stability, with ongoing updates to keep pace with industry standards [50][51] 6. M&A Activity - Keysight is pursuing three pending acquisitions aimed at expanding capabilities in live wireless networks and precision GPS markets, with regulatory approvals in progress [52][54] - The acquisitions are expected to enhance the design engineering software portfolio and support growth in aerospace and defense sectors [55][56] Strategic Outlook 7. Capital Allocation - The company plans to maintain a balanced capital allocation strategy, focusing on integration of acquisitions while continuing to return capital to shareholders [57][58] 8. Market Positioning - Keysight has a broad and deep portfolio across various sectors, including aerospace, defense, and telecommunications, positioning it well for future growth [68][70] 9. R&D Investment - The company has consistently invested more in R&D than competitors, which is expected to support market share gains as industry trends evolve [70] Conclusion - Keysight Technologies is experiencing robust growth across multiple segments, driven by technological advancements and strategic investments. The company is well-positioned to capitalize on emerging opportunities in the wireline, wireless, and aerospace defense markets while maintaining a strong focus on software and R&D.

Financial Data and Key Metrics Changes - Keysight reported a revenue increase of 11% year over year to $1.4 billion and earnings per share of $1.72, exceeding guidance [5][20] - Orders increased by 7%, with growth across both the Communication Solutions Group (CSG) and Electronic Industrial Solutions Group (EISG) segments [5][20] - Gross margin was reported at 64%, with operating margin at 25%, reflecting a 60 basis point increase year over year [20] Business Segment Data and Key Metrics Changes - CSG generated revenue of $940 million, up 11% year over year, with commercial communications revenue of $644 million, also up 13% [22] - EISG revenue reached $412 million, an 11% increase year over year, with growth across automotive, energy, semiconductor, and general electronics [22] - CSG delivered a gross margin of 67% and an operating margin of 26%, while EISG had a gross margin of 57% and an operating margin of 22% [22] Market Data and Key Metrics Changes - The aerospace, defense, and government sectors saw robust demand due to elevated defense spending globally, particularly in the U.S. and Europe [11][12] - The wireless business remained stable, with momentum in non-terrestrial networks and continued R&D activity in 5G Advanced [10] - Demand in the automotive sector improved sequentially, with stable year-over-year performance [15] Company Strategy and Development Direction - Keysight is capitalizing on the ongoing AI momentum and investing in advanced physical layer solutions and silicon photonics capabilities [6][7] - The company is focused on leading the industry into the next generation of innovation, particularly in 6G research and development [10][11] - Keysight's strategy includes enhancing collaboration with customers and leveraging a solid pipeline of opportunities [6][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the evolving trade and tariff environment while maintaining healthy margins and strong free cash flow [19] - The demand environment remains resilient despite macroeconomic uncertainties, leading to an upward revision of the full-year growth outlook [25] - Management noted that while some end markets are recovering, challenges remain in sectors like automotive [29] Other Important Information - Keysight's cash flow from operations was $322 million, with free cash flow of $291 million for the quarter [23] - The company repurchased approximately 300,000 shares at an average price of $164, totaling $50 million [23] - The pending acquisition of Spirent is expected to close in the fiscal fourth quarter, with regulatory reviews progressing [23][24] Q&A Session Summary Question: Can you help investors understand your view of the end markets now? - Management noted strong order growth and positive customer activity despite geopolitical challenges, indicating a better-than-expected performance [28][29] Question: What is supporting the revenue outlook into Q4? - Management highlighted the timing of large deals and expected more normal sequential seasonality in orders compared to revenue [31][32] Question: How should we think about the long-term growth rate? - Management indicated a bullish outlook for fiscal 2026, with a focus on executing Q4 and navigating tariff impacts [38] Question: What is the contribution of AI to Keysight's story? - Management emphasized that AI is driving demand across multiple end markets, particularly in wireline, with expectations for continued growth [40][41] Question: Can you outline the tariff impacts? - Management clarified that tariffs are expected to increase exposure by approximately $75 million annually, with mitigation strategies in place [48][51] Question: What is the outlook for the aerospace and defense market? - Management expressed confidence in ongoing demand due to robust backlogs and government budgets, with a steady growth trajectory expected [52][54] Question: How is the semiconductor business performing? - Management noted strong growth in the semiconductor business, driven by advanced nodes and increased customer interest in silicon photonics [90][91] Question: What is the impact of tariffs on orders? - Management stated that there has been no material pull-in of orders due to tariff changes, and demand profiles remain stable [104][105]

Q3 2025 Financial Performance - Q3 revenue reached $1.352 billion, an increase of 11% year-over-year[5, 6, 11] - Earnings per share (EPS) stood at $1.72, reflecting a 9% year-over-year growth[5, 6] - Core operating margin increased by 110 basis points year-over-year to 25.4%[5] - YTD free cash flow amounted to $1.1 billion[5] Segment and Regional Revenue - Communications Solutions Group (CSG) revenue was $940 million, up 11% year-over-year[21] - Electronic Industrial Solutions Group (EISG) revenue was $412 million, also up 11% year-over-year[26, 33] - Americas region revenue grew by 13% year-over-year[15, 39] - Asia Pacific region revenue increased by 15% year-over-year[19, 39] Forward Guidance and Outlook - The company raised its full-year outlook, expecting revenue growth of 7% and non-GAAP EPS growth of approximately 13% for FY25[5] - Q4 2025 revenue is guided to be between $1.370 billion and $1.390 billion, with non-GAAP EPS between $1.79 and $1.85[34] Strategic Initiatives and Tariff Mitigation - The company is progressing with regulatory clearances for the Spirent acquisition, expecting closure in Q4 FY25[5] - The company is actioning a multi-pronged approach to reduce the impact of tariffs, with an incremental gross impact of tariff increases announced on August 1 being $75 million on an annualized basis[5]

Financial Data and Key Metrics Changes - Net revenue for Q4 2025 was $290.5 million, up 2% sequentially and 15.3% year over year, at the high end of guidance [6][11] - Operating margin for Q4 was 14.4%, a decrease of 230 basis points from the prior quarter but an increase of 350 basis points year over year [6][7] - EPS for Q4 was $0.13, down $0.02 sequentially but up $0.05 year over year [7][11] - Full year revenue for 2025 was $1.084 billion, up 8.4% year over year [11] Business Segment Data and Key Metrics Changes - Network and Service Enablement (NSE) revenue for Q4 was $209.1 million, up 14.8% year over year, driven by strong demand in fiber lab and production products [8][11] - NSE gross margin for Q4 was 62.2%, up 10 basis points year over year, while operating margin was 4.7%, an increase of 290 basis points year over year [8][9] - OSP revenue for Q4 was $81.4 million, up 16.6% year over year, primarily due to strength in anti-counterfeiting products [9][10] - OSP gross margin was 54.7%, up 170 basis points year over year, and operating margin was 39.4%, an increase of 460 basis points year over year [10] Market Data and Key Metrics Changes - The revenue growth was mainly driven by strong demand from the data center ecosystem and aerospace and defense sectors [11][21] - The company noted a decline in spending for wireless and cable products by NEMS and service providers, but growth was observed in aerospace and defense products [11][21] Company Strategy and Development Direction - The company is focusing on diversifying its revenue streams, with approximately 30% of revenue now coming from the data center ecosystem, a significant increase from previous years [50] - The acquisition of Inertia Labs is expected to contribute to growth in aerospace and defense, with the company prioritizing capital allocation towards M&A [13][21] - The company anticipates continued strong demand from the data center ecosystem and aerospace and defense customers, which is expected to mitigate traditional revenue seasonality [19][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in mitigating tariff impacts, estimating a total impact of around $1.5 million, which has been largely addressed through pricing adjustments and supply chain realignment [26] - The company expects NSE revenue to be slightly up quarter on quarter, driven by strong demand from the data center ecosystem and aerospace and defense sectors [19][21] - Management indicated that the wireless business remains mixed, with healthy demand for wireless field instruments but sluggish recovery in infrastructure testing [19][41] Other Important Information - The company successfully priced and allocated a $600 million Term Loan B to fund acquisitions and general corporate purposes [16] - The company has approximately $200 million remaining under its current authorized share repurchase program [13] Q&A Session Summary Question: Impact of tariffs on revenue - Management indicated that the tariff impact is primarily on North American sales, with a total impact of around $1.5 million, which has been mitigated [26] Question: Competitive dynamics in the data center market - Management noted strong demand for their 1.6 terabit test solutions, with significant engagement from leading semiconductor vendors and optical module developers [30][34] Question: End markets performance in NSE - Management highlighted that fiber demand is driving growth, particularly from data center operators and specialty fiber companies [40] Question: Guidance for Q1 and seasonality - Management expects Q1 to be slightly up compared to Q4, driven by strong demand from the data center ecosystem, despite traditional seasonality [44][62] Question: Size of the data center business - Management indicated that approximately 30% of NSE revenue comes from the data center ecosystem, with expectations for continued growth in this segment [50] Question: Margin expectations for NSE - Management aims to move NSE operating margins into the mid to high teens as the business recovers, with long-term goals of reaching the twenties [58]

Summary of Ralliant (RAL) 2025 Investor Day Company Overview - **Company Name**: Ralliant - **Event Date**: June 10, 2025 - **Key Leadership**: Jim Lico (former CEO), Tammy Newcomb (current CEO), Nathan McCurran (VP of Investor Relations), Chris Bahn (President of Tektronix), Corey Christmas (President of PACSCI EMC), Andrew McAuley (President of Sensor Systems), Neil Reynolds (CFO) [2][3][10][22][28] Core Industry Insights - **Industry Focus**: Precision technologies, test and measurement, defense technologies, and power electronics - **Market Position**: Ralliant is positioned as a premier player in precision technologies, emphasizing continuous improvement and innovation [27][46][50] Key Points and Arguments 1. **Separation from Fortive**: Ralliant was formed from the separation of Fortive into two independent companies, allowing for tailored growth models and capital allocation strategies [3][4] 2. **Leadership and Experience**: The leadership team, including Tammy Newcomb and other presidents, brings extensive experience from various technology sectors, enhancing Ralliant's strategic direction [11][15][22][30] 3. **Growth Vectors**: Ralliant identifies key growth areas in grid modernization, defense technologies, and power electronics, with a focus on leveraging existing customer relationships and expanding market share [77][79] 4. **Financial Performance**: In 2024, Ralliant reported total revenue of $2.2 billion, a growth of 3.5%, with 25% recurring services contributing to stable cash flow [45][46] 5. **Innovation Strategy**: The company emphasizes a structured approach to innovation, utilizing a platform design methodology to accelerate product development and market introduction [102][106] 6. **Capital Allocation**: Ralliant is committed to maximizing shareholder value through disciplined capital allocation, including dividends, share buybacks, and selective M&A [80][83] 7. **Operational Efficiency**: The company has achieved significant improvements in working capital and productivity, with a focus on continuous improvement through the Ralliant Business System (RBS) [68][69][70] Additional Important Insights - **Employee Engagement**: Ralliant boasts a high employee engagement score of over 80%, indicating a strong organizational culture [43] - **Market Segmentation**: The business is divided into two segments: Sensors and Safety Systems (56% of revenue) and Test and Measurement, with a diverse customer base across various industries [46][48] - **Technological Advancements**: Ralliant is at the forefront of electrification trends, with a focus on power applications that enhance efficiency and performance in electronic devices [93][94] - **Customer-Centric Approach**: The leadership emphasizes the importance of understanding customer needs and building long-term relationships to drive growth [25][56] This summary encapsulates the key points discussed during the Ralliant 2025 Investor Day, highlighting the company's strategic direction, market positioning, and commitment to innovation and operational excellence.

Core Insights - Keysight reported revenue of $1.32 billion for the quarter ended April 2025, reflecting an 8% increase year-over-year and surpassing the Zacks Consensus Estimate of $1.28 billion by 2.85% [1] - Earnings per share (EPS) for the quarter was $1.70, up from $1.41 in the same quarter last year, exceeding the consensus EPS estimate of $1.64 by 3.66% [1] Revenue Breakdown - Communications Solutions Group generated $913 million, exceeding the average estimate of $884.15 million by analysts, marking an 8.7% year-over-year increase [4] - Commercial Communications revenue reached $612 million, surpassing the estimated $588.52 million, also reflecting an 8.7% increase compared to the previous year [4] - Aerospace, Defense & Government revenue was $301 million, slightly above the estimated $295.62 million, with an 8.7% year-over-year growth [4] - Electronic Industrial Solutions Group reported $393 million, slightly below the estimated $395.34 million, but still showing a 4.5% increase year-over-year [4] Operational Performance - Income from operations for the Electronic Industrial Solutions Group was $92 million, exceeding the average estimate of $81.74 million [4] - Income from operations for the Communications Solutions Group was $236 million, slightly below the estimated $238.62 million [4] Stock Performance - Keysight's shares have returned +23.4% over the past month, outperforming the Zacks S&P 500 composite's +13.1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - Keysight reported revenue of $1.3 billion and earnings per share of $1.7, exceeding the high end of guidance, marking the second consecutive quarter of revenue growth [6][19] - Orders grew 8% year over year and 4% sequentially to $1.3 billion, indicating a solid demand environment [6][19] - Gross margin was reported at 65%, with operating margin at 25%, an increase of 100 basis points year over year [19] Business Segment Data and Key Metrics Changes - The Communications Solutions Group (CSG) generated revenue of $913 million, up 9% on both reported and core basis, driven by strong demand in wireline and wireless sectors [21] - The Electronics Industrial Solutions Group (EISG) reported revenue of $393 million, a 5% increase, with growth in semiconductor and general electronics offsetting declines in automotive [21] - Software and services accounted for approximately 36% of total revenue, with annual recurring revenue at 28% [22] Market Data and Key Metrics Changes - Orders in the aerospace, defense, and government sector grew, driven by strength in the U.S. and Europe, with notable contracts awarded [12][61] - The demand environment in China was mixed, with overall orders flat but strengths in certain sectors [96] Company Strategy and Development Direction - The company is focused on long-term investments aligned with technology trends, particularly in AI and digital infrastructure [17][32] - Keysight is maintaining a diversified global supply chain with minimal exposure to China, actively working to mitigate tariff impacts [8][24] - The company is pursuing a balanced return of capital while investing for long-term growth, having returned over $1.7 billion to investors via repurchases over the past twelve quarters [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the market leadership and operating model, noting no material adverse effects on demand from tariffs [8][25] - The company raised its full-year growth expectations, now anticipating revenue growth at the midpoint of the 5% to 7% long-term target [25] - Management highlighted a healthy pipeline of opportunities and strong customer engagements entering the second half of the fiscal year [6][25] Other Important Information - The company ended the quarter with $3.12 billion in cash and cash equivalents, generating $484 million in cash flow from operations [22] - Keysight is progressing through regulatory reviews for pending acquisitions, including Spirent and Optical Solutions Group [22][23] Q&A Session Summary Question: Update on AI traction and its significance for the business - Management views AI as a long-term secular trend with a multiyear roadmap, contributing to growth in wireline business [32][33] Question: Incremental view on top-line outlook - The company raised top-line expectations based on strong performance in the first half and a solid pipeline of opportunities [40][42] Question: Clarification on tariff impact - The estimated annual exposure to tariffs is approximately $75 million to $100 million, with efforts underway to mitigate this impact [47][48] Question: Insights on aerospace and defense orders - Orders grew in the aerospace and defense sector, with strong bookings from prime contractors in the U.S. and Europe [61][62] Question: Wireless business performance - The wireless business remains stable, with strength in network infrastructure and ongoing investments in new technologies [71] Question: Growth in Software and Services - The company is focused on growing software and services, which have shown resilience during downturns [73][74] Question: Demand for wireline testing - The wireline business is heavily R&D oriented, benefiting from increased manufacturing activity as the industry ramps up for digital infrastructure [103][104] Question: Competitive landscape for semiconductor testing - The company is well-positioned to address the complexities of semiconductor testing, with ongoing investments in optical and electrical capabilities [108][116]