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UPDATE 1- National Instruments Q1 profit misses Street view
April 27, 2010 / 10:16 PM / 7 years ago

UPDATE 1- National Instruments Q1 profit misses Street view

* Q1 GAAP EPS $0.23 vs est EPS $0.30

* Q1 rev up 21 pct

April 27 (Reuters) - National Instruments (NATI.O), a supplier of measurement and automation products, posted a lower-than-expected profit, hurt largely by a combination of higher operating expenses and shipping delays.

For the first quarter ended March 31, the company posted net income of $18.4 million, or 23 cents a share, compared with profit of $358,000, or breakeven a year earlier.

Excluding items, it earned 28 cents a share.

Net sales rose 21 percent to $191 million.

Analysts on average expected the company to earn 30 cents a share on revenue of $200 million, according to Thomson Reuters I/B/E/S.

Operating expenses for the quarter rose more than 7 percent to $128.3 million, while $5 million of shipments missed the deadline for revenue recognition in the quarter, the company said in a statement.

However, National Instruments issued a second-quarter profit range of 28 cents to 38 cents a share, on revenue between $200 million to $214 million.

Excluding items, it expects to post earnings of 33 cents to 43 cents a share.

Analysts on average were expecting the company to earn 32 cents a share on revenue of $206.3 million.

“Our guidance anticipates very strong year-over-year revenue growth in the second quarter, with the midpoint of guidance representing 36 percent year-over-year revenue growth,” Chief Financial Officer Alex Davern said in a statement.

Shares of the Austin, Texas-based company closed at $36.12, Tuesday on Nasdaq.

Reporting by Biswarup Gooptu in Bangalore; Editing by Don Sebastian

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