KEYSIGHT TECHNOLOGIES INC. $31(New York symbol KEYS; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 169.0 million; Market cap: $5.2 billion; Price-to-sales ratio: 1.8; No dividends paid; TSINetwork Rating: Average; www.keysight.com) makes equipment for testing electronics. Clients include makers of computer chips (44% of total revenue) and communications gear (33%), as well as aerospace and defence firms (23%).
In its fiscal 2015 third quarter, which ended July 31, 2015, the company’s revenue fell 12.2%, to $665 million from $757 million a year earlier. Excluding unusual items, earnings declined 29.3%, to $94 million, or $0.55 a share, from $133 million, or $0.80. It spends 14% of its revenue on research.
As of July 31, 2015, Keysight held cash of $1.0 billion, or $5.92 a share. Its long-term debt of $1.1 billion is equal to 21% of its market cap. In August 2015, the company used $600 million of its cash to buy U.K.-based Anite, a software maker whose products will make Keysight’s testing equipment for wireless handsets perform better.
The stock trades at a moderate 12.7 times the $2.45 a share the company will likely earn in fiscal 2015. The new company does not yet pay a dividend.
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