Business Challenging time for test industry, says NI
2013/07/30
“Although the test and measurement industry had a challenging quarter, we were able to grow revenue while executing disciplined cost management,” said Dr. James Truchard, co-founder, president and CEO.
Revenue in local currency terms was up 5% in Europe in the quarter, and up 11% in East Asia.
The test and design system company said its level of large orders above $100,000 was down 30% year-over-year. While orders between $20,000 and $100,000 grew 4% year-over-year.
GAAP net income for Q2 was $14m, with fully diluted earnings per share (EPS) of $0.12. This was $0.03 below the midpoint of its guidance range.
In Q2, gross margin decreased to 72% due to lower factory utilisation and the “significantly lower margin on National Instruments’ first RF test application with its largest customer”.
This application is in a highly competitive space and in an area National Instruments has not served for this customer before.
In the first half of 2013, National Instruments received $30m in orders from its largest customer, and recognized $23m in revenue from this customer in Q2 2013.
“Although Q2 was a difficult quarter for our industry and for National Instruments, we believe NI was able to gain market share,” said Alex Davern, NI COO and CFO.
“On the expense side, we delivered on reducing our spending and are adjusting our future spending plans to align with the industry’s current weakness,” said Davern.
National Instruments continues to be conservative in planning for Q3 due to the weak industry conditions. As a result, NI expects revenue for Q3 2013 to be between $265m and $295m, a decrease of 3% year-over-year at the midpoint of guidance.
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