National Instruments Posts Sharp Drop In 1Q Profit

AUSTIN, Texas (AP) — Scientific and engineering software maker National Instruments Corp. said Tuesday its first-quarter profit dropped 98 percent as revenue declined.

The company earned $358,000, or a breakeven per share, down from a profit of $17.6 million, or 22 cents per share, in the same period a year earlier.

Excluding stock options costs of 3 cents per share and the amortization of intangibles totaling 1 cent per share, adjusted earnings were 4 cents per share in the latest quarter.

Revenue fell 18 percent to $157.8 million from $192.9 million.

Analysts, on average, were expecting breakeven per-share results on revenue of $166.9 million, according to a poll by Thomson Reuters. These estimates include stock options costs but analysts typically exclude other, one-time items from their estimates.

The company did not give revenue or earnings guidance for the second quarter.

Shares slipped 8 cents to $22.02 in after-hours trading. The stock had closed up 32 cents at $22.10.