Weak Q4 Can't Stop NI from Sales Record Print E-mail
Written by Mike Buetow   
Friday, 31 January 2014 15:56

AUSTIN, TX -- National Instruments reported fourth-quarter revenue of $301 million, flat with last year, on weakness in emerging markets. Net income was up 55% to $32 million.

For the quarter, orders were up 4% sequentially, below the firm's historical 10-year average fourth-quarter sequential growth rate of approximately 10%. Most of the weakness stemmed from slowness among the firm's larger customers.

"We were disappointed with the finish to the quarter as December was weaker than expected especially in the emerging markets," said COO Alex Davern.

The firm saw 3% year-over-year growth from orders under $20,000 and 1% growth for orders between $20,000 and $100,000, but orders over $100,000 were down 9%. The latter was due to the expected decline in orders from NI's largest customer, which fell to $3 million from $9 million a year ago, and an unexpected 40% year-over-year decline in emerging markets. Excluding orders from the firm's largest customer, orders over $100,000 from the Americas, Europe and East Asia were up 17% in total year-over-year.

For the year, the company set a new revenue record of $1.17 billion, up 2.5% from 2012. Net income was down 10.7% to $80.5 million.

NI guided for first-quarter revenue of $273 million to $302 million. "While we’re pleased to see the recovery in the global PMI especially in November and December, we continue to see caution from our customers on capital spending, especially in the emerging markets," said Davern. "This makes us cautious in planning for the first half of 2014."





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