Austin’s National Instruments loses $24 million
Austin-based technology company National Instruments Corp. on Tuesday reported a fourth-quarter loss of $24.3 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Austin, Texas-based company said it had a loss of 18 cents. Earnings, adjusted for pretax expenses, were 35 cents per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for adjusted earnings of 34 cents per share.
National Instruments employs about 2,500 in Austin and about 7,500 worldwide. The company makes testing equipment and software used by scientists, engineers and researchers.
“I am proud of what we accomplished in 2017. We set goals to drive revenue and make significant progress toward our operating model, and through focus we met those goals,” Alex Davern, National Instruments president and CEO, said in a written statement. “Our employees did a tremendous job in 2017 executing on key business decisions. I believe we have an opportunity to continue to drive both growth and improved profitability in 2018.”
National Instruments reported revenue of $349.8 million in the quarter, also exceeding Wall Street forecasts. Three analysts surveyed by Zacks projected $347.4 million.
For the full year, the company reported profit of $52.4 million, or 40 cents per share. Revenue was reported as $1.29 billion.
For the current quarter ending in April, National Instruments