National Instruments posts sharply higher 2nd-qtr profit on 39 percent jump in revenue

National Instruments’ 2Q profit surges on revenue

AUSTIN, Texas — Scientific and engineering software maker National Instruments Corp. said Tuesday its second-quarter profit soared as revenue increased 39 percent from a year ago.

Management said it expects to deliver record annual revenue and profit in 2010.

The company said net income rose to $24.6 million, or 31 cents a share, in the three months ended in June. That compares with net income of $4.4 million, or 6 cents a share, in the same period a year earlier.

The latest results included a loss on foreign exchange of $2.2 million, or 2 cents a share, due to the weakening of European currencies in May and June that the company had not anticipated when it gave earnings guidance in April, National Instruments said.

Excluding one-time items, adjusted earnings for the quarter amounted to $28.3 million, or 36 cents a share, the company said.

Revenue jumped to $212 million from $152.2 million a year earlier.

Analysts, on average, were expecting a profit of 33 cents a share on about $209 million in revenue, according to a poll by Thomson Reuters. The analyst estimates typically exclude one-time items.

The company’s instrument control product sales posted an annual increase of 54 percent, while virtual instrumentation and graphical system design product sales jumped 38 percent.

Product revenue was up 39 percent from a year ago, while software maintenance revenue rose 37 percent.

Looking ahead, the company said it anticipates revenue in the third quarter to range between $206 million and $220 million. It also expects third-quarter earnings per share to range between 27 cents and 37 cents.

Shares in National Instruments added a penny to $33.45 in aftermarket trading after rising 69 cents to $33.44 during the regular session.