National Instruments has announced a first-quarter revenue of $286 million – a record for the company and a 10 per cent increase on the same period last year.
Orders were up eight per cent year-over-year, with the average order size reaching a new first-quarter record of $4,975. The company's orders under $20,000 declined by one per cent year-over-year; orders between $20,000 and $100,000 grew six per cent year-over-year; and orders above $100,000 grew 43 per cent.
Generally Accepted Accounting Principles (GAAP) net income was $19 million, with fully diluted earnings per share (EPS) of $0.15, and non-GAAP net income was $26 million, with non-GAAP fully diluted EPS of $0.21. The company's EPS was $0.03 below the midpoint of its guidance range due to a $0.01 per share loss on foreign exchange, primarily from the devaluation of the Japanese yen, and $0.02 per share as a result of expenses running ahead of plan.
GAAP gross margin increased to 75.5 per cent and non-GAAP gross margin reached 76.6 per cent, up sequentially from 75.2 and 76.0 per cent, respectively. The company's non-GAAP results exclude the impact of stock-based compensation, amortisation of acquisition-related intangibles, acquisition accounting for deferred revenue, acquisition-related adjustments and acquisition-related transaction costs.
