National Instruments reports record Q1 orders
National Instruments has reported quarterly revenue for Q1 2010 of $191million, a 21% year-on-year increase, but a 5% sequential decline. NI says that the sequential decline in revenue was exaggerated by a shipping issue on March 31 that resulted in $5m of shipments missing the deadline for revenue recognition in Q1.
Q1 orders were up 25% year on year, resulting in an all time record for the company's first quarter orders, while Net income for Q1 was $18.4m.
NI's Q1 gross margin increased by 0.5 percentage points sequentially and increased 3.3 percentage points year on year, to 77.4%.
James Truchard (pictured), NI president, co-founder and ceo, said: "Our strategic decision to maintain our investments in R&D and the field sales force throughout the recession have proven their value in the record first quarter orders we received in Q1. I believe the advances we have made in our product portfolio and the expanded reach of our sales force will continue to catalyse our growth in the recovery."
