Keysight Technologies, Inc. ( KEYS ) got a boost on Wednesday after the company reported better-than-expected third quarter financial results.

Earnings: The company reported adjusted EPS of $1.57 beating analysts estimate of $1.35.

Revenue: The company reported sales of $1.217 billion, beating analysts estimate of $1.19 billion despite a year-over-year decline. Keysight ( KEYS ) further broke down its $1.21 billion in revenue:

Communications Solutions Group (CSG): The company reported revenue of $847 million from this group, representing an 8% drop from last year. Keysight ( KEYS ) said the decline reflects a 6% drop in commercial communications and a 10% drop in aerospace, defense and government sectors.

Electronic Industrial Solutions Group (EISG): Keysight ( KEYS ) reported $370 million in revenue from EISG, down 20% from the prior year. Keysight ( KEYS ) attributed this to continued restraint in general electronics, automotive and manufacturing-related consumer spending.

“Keysight delivered revenue and earnings above the high end of our guidance in market conditions that were stable and consistent with our expectations,” said Satish Dhanasekaran, Keysight’s president and CEO.

“The funnel of opportunities supports our outlook for second half orders to be above first half orders, followed by a more gradual recovery in 2025, barring any further macroeconomic degradation.”

Outlook: For the fourth quarter, the company expects revenue between $1.24 billion and $1.26 billion versus analysts estimate of $1.25 billion and EPS between $1.53 and $1.59 versus analysts estimate of $1.54.

Analyst Changes: Following the earnings report, several analysts issued price target adjustments.

Wells Fargo analyst Aaron Rakers reinstated an Overweight rating on Keysight Techs and announced a $180 price target.

Susquehanna analyst Mehdi Hosseini maintained a Positive rating on Keysight Techs and lowered the price target from $195 to $185.

JP Morgan analyst Samik Chatterjee maintained a Neutral rating on Keysight Techs and raised the price target from $155 to $165.

B of A Securities analyst David Ridley-Lane maintained an Underperform on Keysight Techs and raised the price target from $135 to $150.

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KEYS Price Action: At the time of writing, Keysight ( KEYS ) is moving 11.7% higher at $154.83 per data from Benzinga Pro.

Image: 1050731 from Pixabay.