National Instruments records 20% increase in revenue over 2Q10

In its quarterly reporting, measurement, automation, and embedded systems design specialist National Instruments has announced 2Q11 revenue of US$253 million, a quarterly record and a 20% increase from 2Q10.

In its quarterly reporting, measurement, automation, and embedded systems design specialist National Instruments (Nasdaq: NATI) has announced 2Q11 revenue of US$253 million, a quarterly record and a 20% increase from 2Q10. The company reports that this met guidance of between $241 million and $255 million, which was provided on April 28, 2011.

National Instruments' orders greater than $20,000 grew 39% year-over-year, and average order size reached a new second quarter record of approximately $4440.

The company notes that GAAP and non-GAAP operating income reached all-time records for a second quarter. Net income for 2Q11 was $26.5 million, with fully diluted earnings per share (EPS) of $0.22, and non-GAAP net income was $32.2 million, with non-GAAP fully diluted EPS of $0.27. GAAP gross margin increased 90 basis points year-over-year to 77.9%. Non-GAAP gross margin reached 78.5%, an increase of 90 basis points year-over-year. National Instruments' non-GAAP results exclude the impact of stock-based compensation, amortization of acquisition-related intangibles and acquisition-related transaction costs. Reconciliations of the company's GAAP and non-GAAP results are included as part of this release.

National Instruments says that graphical system design product sales increased 21% year-over-year; instrument control product sales were up 6% year-over-year in 2Q11. By region, geographically revenue in US dollars for 2Q11 compared to 2Q10 was up 15% in the Americas, up 28% in Europe, and up 19% in Asia. In local currency terms, revenue was up 23% in Europe and up 12% in Asia.

As of June 30, 2011, National Instruments had $320 million in cash and short-term investments. The board of directors approved a quarterly dividend of $0.10 per share on the company's common stock payable on Aug. 29 to stockholders of record on Aug. 8.

"We are encouraged by the scale of the long-term opportunity open to us, and plan to continue to execute on our 2011 investment plans," says Alex Davern, National Instruments' COO and CFO. "We are confident our investments will significantly advance our long-term position in the industries we serve."

For the full financial disclosure, visit the company's investor relations page at www.ni.com/nati.

SOURCE: National Instruments

-- Posted by Vision Systems Design

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