Keysight Technologies reported a better-than-expected fourth quarter profit on Monday, November 20. The company, which provides electronic design and test products used in aerospace and defense industries, saw a 4% increase in revenue from segments such as aerospace, defense, and government. This was due to investments in defense technology modernization, electromagnetic spectrum operations, radar, space, and satellite.

On an adjusted basis, the company earned $1.99 per share in the quarter through October, compared with an average analysts’ estimate of $1.87 per share. Despite the positive earnings report, Keysight mentioned ongoing challenges in various sectors caused by supply chain constraints and elevated raw material costs. They also provided a forecast for their first-quarter profit in 2024, which was slightly lower than the expectations of LSEG estimates.

Shares of the company were up 2.4% at $138.20 after the earnings report was covered by Priyamvada C and Nathan Gomes in Bengaluru and edited by Shilpi Majumdar.