First-quarter revenue stood at around $1.06 billion when compared to $992 million in the first 2010 quarter. Gross margins stood at 24.3%, up 2.2% from 2010 March quarter. Higher margins resulted from better product mix and efforts to maximize operational efficiency.
Net income jumped 105 million in the quarter compared to 24 million in the prior year quarter. Cash position improved to $505 million from $440 million in the first quarter of 2010Management indicated an order backlog of $16 billion at the end of March, up $ 400 million at the end of 2010, representing approximately three times 2011 revenue guidance. The stock is trading at 15.3 times its estimated 2011 earnings.