National Instruments (NATI) Issues Preliminary Q411 Numbers; EPS In-Line w/ Street
NATI Hot Sheet
EPS Growth %: -43.8%Financial Fact:
Dividends declared per share: 0.14
Today's EPS Names:
TARO, BRLI, TLB, More
National Instruments (Nasdaq: NATI) today announced that its preliminary estimate for fourth-quarter revenue is a new quarterly record of $277 million, an 11 percent year-over-year increase compared to Q4 2010 and $3 million, or 1 percent, below the low-end of the guidance that the company provided on Oct. 26, 2011. Non-GAAP revenue for Q4 is expected to be approximately $279 million. The Street sees revs of $292.37 million.
Sequentially, the company saw the greatest reduction in year-over-year revenue growth in Europe, where revenue growth in US dollars dropped from 25 percent year-over-year in Q3 to 3 percent in Q4. In Asia and in the Americas year-over-year organic revenue growth in Q4 was approximately 10 percent. Including acquisitions, year-over-year revenue growth in the Americas was approximately 20 percent.
NI graphical system design products, which represent approximately 95 percent of the company's product portfolio, had approximately 14 percent year-over-year revenue growth in Q4 2011. Sales of NI instrument control products, which represented approximately 5 percent of NI revenue in the quarter, were down approximately 15 percent year-over-year in Q4 2011.
NI currently expects that GAAP fully diluted earnings per share (EPS) will be in the range of $0.19 to $0.20 per share for Q4 with non-GAAP fully diluted EPS to be in the range of $0.26 to $0.27 per share. The Street sees $0.27.
For Q4 2011, the company now expects total non-GAAP operating expenses to be approximately $172 million, plus or minus $2 million. This equates to an increase of approximately 20 percent year-over-year, down from the 30 percent year-over-year increase the company saw in Q3 2011. Due to the lower than expected profit, the company currently expects its non-GAAP effective tax rate to be approximately 26 percent in Q4.
With $336 million in cash and cash equivalents at the end of September the company's balance sheet remains very strong.
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Sequentially, the company saw the greatest reduction in year-over-year revenue growth in Europe, where revenue growth in US dollars dropped from 25 percent year-over-year in Q3 to 3 percent in Q4. In Asia and in the Americas year-over-year organic revenue growth in Q4 was approximately 10 percent. Including acquisitions, year-over-year revenue growth in the Americas was approximately 20 percent.
NI graphical system design products, which represent approximately 95 percent of the company's product portfolio, had approximately 14 percent year-over-year revenue growth in Q4 2011. Sales of NI instrument control products, which represented approximately 5 percent of NI revenue in the quarter, were down approximately 15 percent year-over-year in Q4 2011.
NI currently expects that GAAP fully diluted earnings per share (EPS) will be in the range of $0.19 to $0.20 per share for Q4 with non-GAAP fully diluted EPS to be in the range of $0.26 to $0.27 per share. The Street sees $0.27.
For Q4 2011, the company now expects total non-GAAP operating expenses to be approximately $172 million, plus or minus $2 million. This equates to an increase of approximately 20 percent year-over-year, down from the 30 percent year-over-year increase the company saw in Q3 2011. Due to the lower than expected profit, the company currently expects its non-GAAP effective tax rate to be approximately 26 percent in Q4.
With $336 million in cash and cash equivalents at the end of September the company's balance sheet remains very strong.
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