Keithley Instruments (NYSE:KEI), producer of electrical test instruments and systems, reported Wednesday better-than expected third quarter earnings, partly driven by an increased focus on its core products as well as cost structure improvements.
The Ohio-based company posted a net income of $5.6 million, or 34 cents a share, compared with a loss of $23.4 million, or 22 cents a share, in the same quarter last year, and beating average analyst estimates of 20 cents.
Continue Reading Below
Revenues were up 31% to $30.7 million from $23.4 in the earlier-year period, and narrowly beating the Street’s view of $30 million.
Keithley CEO Joseph P. Keithley said he was “pleased” with the company’s fiscal results in the third quarter.
“They continue to validate our strategy of increasing our focus on our core test and measurement business as well as our ability to sustain the improvements we have made in our cost structure,” he said. “We are seeing the results of the solid foundation we have put in place, which will enable us to continue to leverage our earnings on any increase in customer demand.”