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National Instruments reports record revenue [Austin American-Statesman :: ]
[July 29, 2014]

National Instruments reports record revenue [Austin American-Statesman :: ]

(Austin American-Statesman (TX) Via Acquire Media NewsEdge) July 29-- Austin technology company National Instruments Corp. reported record revenue for the second quarter, despite some recent job cutbacks and scrapped expansion plans.

The company's second-quarter revenue of $313 million was up 6 percent from the same quarter last year, the company said.

National Instruments, which employs about 2,700 in Austin and about 7,100 worldwide, is a leading maker of test and measurement hardware and software systems that are used by scientists and engineers worldwide.

"I am optimistic about our long-term position in the industry," CEO and co-founder James Truchard said in a written statement. "The differentiation we deliver to our customers through graphical system design positions us well to solve the applications our customers face in areas such as the Internet of Things." The Internet of Things is a chip industry term for the trend of connecting noncomputing devices -- including home automation systems, automobiles and industrial equipment -- to the Internet for remote monitoring and control.

National Instruments said its orders of under $20,000 grew 4 percent year-over-year; orders between $20,000 and $100,000 increased 6 percent year-over-year; and orders above $100,000 increased 43 percent year-over-year.

The company said its net income was $24.5 million, or 19 cents per share.

The strong earnings news comes after the company announced a number of local job cutbacks.

Earlier this month, the company said it will move most of its Austin-based manufacturing operations overseas, impacting about 100 employees. The type of manufacturing done in Austin is a small subset of the company's test products and final assembly of circuit boards.

Also this year, National Instruments scrapped plans for a 1,000-job expansion project in Austin and canceled incentives agreements with the city, county and state.

The project had called for the company to invest $80 million and add 1,000 technical and engineering jobs in Central Texas over the next 10 years. National Instruments cited economic concerns as the reason for scrapping the project, with a company spokeswoman saying at the time that the company was addressing "difficult conditions in the test and measurement industry and global economy." The company said it currently expects third-quarter to be between $298 million and $326 million, up 8 percent year-over-year at the midpoint.

National Instruments' board also approved a quarterly dividend of $15 cents per share on the company's common stock.

National Instruments' shares closed Tuesday at $32.02, up 32 cents, or about 1 percent. The company's shares were mostly unchanged in after-hours trading.

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