National Instruments post Q1 record turnover

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National Instruments has announced Q1 non-GAAP revenue of $262 million, a new first quarter record and a 10 per cent increase from Q1 2011. Orders were up 13 per cent year-over-year in Q1, with backlog increasing by $6 million during the quarter. In Q1, the company's orders greater than $20,000 grew 25 per cent year-over-year, and the average order size reached a new first quarter record of approximately $4,400.

GAAP net income for Q1 was $19 million, with fully diluted earnings per share (EPS) of $0.15, and non-GAAP net income was $27 million, with non-GAAP fully diluted EPS of $0.22. EBITDA, or Earnings before Interest, Taxes, Depreciation and Amortisation, was $38 million, or $0.31 per share.

National Instruments also announced today that during Q1 it won the largest application sale in the history of the company. This application involves the use of NI LabVIEW system design software and the NI PXI hardware platform to rapidly develop a production test solution for a high-volume electronics device.

National Instruments does expect continued revenue growth in Q2. ‘Despite the weakness of the global industrial economy, we are pleased with our execution in Q1,’ said Alex Davern, NI COO and CFO. ‘Looking forward, we plan to leverage the investments we made in 2011 to enable sustained revenue growth and to continue to drive toward our long-term non-GAAP operating margin target of 18 per cent.’

NI expects revenue for Q2 2012 to be between $270 million and $290 million, an increase of between 7 and 15 per cent over Q2 2011.