AUSTIN, TX – National Instruments reported the average daily order rate for the quarter to date dropped 27% from last year on the continued decrease in manufacturing. Year-over-year, April orders were down 31%, while May orders fell 24%. 

For the quarter through June 7, NI reported double-digit drops in daily order rates across all regions. The Americas fared the best with a 24% decline, while Asia and Europe saw rates fall 26% and 33% respectively.
 
The quarter-to-date average for the global PMI in May was 45.3, nearing the lowest levels seen during the 2001 recession.
 
Second-quarter revenue is forecast to fall 26% to 31% from last year to $145 million to $155 million.
 
“Our primary financial goals in this time period are to maintain the financial strength of the company by having strong cash reserves and maintaining non-GAAP profitablilty,” says Alex Davern, CFO. The company will continue to focus on keeping stable gross margins, developing a highly differentiated product portfolio, maintaining productivity and optimizing operating expenses.