National Instruments posts Q2 record revenue
National Instruments has announced Q2 revenue of $292 million, an all-time revenue record and a 15 per cent increase from Q2 2011. In constant currency terms, Q2 revenue increased 18 per cent from Q2 2011. Orders were up 24 per cent year-over-year in Q2, with backlog increasing by $16 million and short-term deferred revenue increasing by $5 million during the quarter. In Q2, the company's orders greater than $20,000 grew 40 per cent year-over-year, and the average order size reached a new record of approximately $5,300.
A significant contributor to National Instruments' success in the first half of 2012 was winning 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. This test solution offers the customer outstanding performance and accuracy at a very low cost of test per unit. In H1 2012, National Instruments received $40 million in orders for this application - $25 million of this was recognised as revenue in Q1 and Q2, and the company anticipates recognising the remainder in Q3.
‘The resilience of our business despite a significant weakening of the global industrial economy demonstrates the strength of our long-term approach,’ said Dr James Truchard, co-founder, president and CEO. ‘The strong growth in larger orders and the record quarter for PXI products illustrate the increased acceptance of our technology, and I remain optimistic that our strategic investments over the last decade will support our goal of achieving $2 billion in annual revenue by 2016.’