NI's Revenue Jump Can't Save Profits Print E-mail
Written by Mike Buetow   
Friday, 26 April 2013 14:35

AUSTIN, TX -- National Instruments reported first-quarter revenue rose 10% from a year ago to a record $286 million.

GAAP net income was $18.6 million, down from $18.64 million a year ago, and gross margin increased to 75.5%, up sequentially from 75.2%.

Orders were up 8% year-over-year, with the average order size reaching a quarterly record of $4,975.

"We are disappointed we overspent in the first quarter, and are taking corrective actions to adjust our spending," said Dr. James Truchard, cofounder, president and CEO. "We are focusing our efforts on activities that have proven successful in growing our large order business."

By geography, revenue was up 12% in the Americas, up 4% in Europe, up 3% in East Asia and up 37% in Emerging Markets.

"While we were very pleased with our revenue execution, we are very disappointed in our profit performance," said Alex Davern, NI COO and CFO. "We are taking corrective actions to control our spending through the rest of 2013."

NI expects second-quarter revenue of $290 million to $320 million, up 5% from the midpoint of guidance over a year ago. Gross margins are expected to decline significantly year-over-year due to customer mix and lowered production levels.

 

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