KeySite Technologies recorded another record time in its financial second quarter ending April 30, losing its own guidance with the best revenue and record orders of all time.
“There is a strong need for different solutions in our broad-based portfolio. We have performed well and successfully navigated the geopolitical and supply chain challenges in the quarter, ”said Satish Dhansekaran, President and CEO of Kissite, in a statement. “Our consistent performance is a testament to our strategy, the resilience of our people and our business, and gives us confidence in our vision for the year to come.”
Kissite’s orders grew 9% year-over-year to $ 1.46 billion for the quarter, with revenue up 11% year-on-year to $ 1.35 billion.
Profit for the quarter was 258 million, up from $ 186 million in the year-ago quarter.
In terms of segment revenue, Kissite’s Communications Solutions Group (CSG) had revenue of $ 963 million in the quarter, up 10% from the same period last year. The agency said the revenues were driven by “the adoption of 5G R&D and O-RAN, and continued investment in new communications technologies such as 400G, 800G and terabit R&D, and wireline applications, as well as signal monitoring, cyberspace, space and satellite solutions.”
Meanwhile, the company’s Electronic Industrial Solutions Group (EISG) saw its revenue rise 13% to $ 388 million from a year earlier, with KeySite saying the region has benefited from demand for next-generation automotive, power technology and semiconductor measurement solutions.
Kissite also noted that it bought about 1.9 million shares on the open market, at a cost of about $ 289 million.
The company estimates that its third-quarter revenue will be in the range of $ 1.33- 35 1.35 billion, with revenue growth of about 8% for the full fiscal year.
Dhansekaran officially took over his new leadership role from 1 May; Ron Narcissian, the longtime president and CEO of Kissite, has retired from his post but is still serving as the board’s executive chairman.
