National Instruments Corp (NATI) has reported a 5.28 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $33.83 million, or $0.26 a share in the quarter, compared with $32.13 million, or $0.25 a share for the same period last year. On an adjusted basis, net profit for the quarter was almost stable at $43.51 million, or $0.34 a share, when compared with the last year period.
Revenue during the quarter went down marginally by 1.74 percent to $328.53 million from $334.34 million in the previous year period. Gross margin for the quarter expanded 77 basis points over the previous year period to 74.82 percent. Total expenses were 85.01 percent of quarterly revenues, down from 85.04 percent for the same period last year. This has led to an improvement of 4 basis points in operating margin to 14.99 percent.
Operating income for the quarter was $49.25 million, compared with $50 million in the previous year period.
However, the adjusted operating income for the quarter stood at $59.86 million compared to $61.69 million in the prior year period. At the same time, adjusted operating margin contracted 23 basis points in the quarter to 18.22 percent from 18.45 percent in the last year period.
"As I start in my new role as CEO, I am committed to our vision and to strengthening our relationships with our customers," said Alex Davern, NI president and chief executive officer. "Looking to 2017, my top priorities will be growing revenue, leveraging our investments in our platform and people, and improving our operating margins."
For the first-quarter, National Instruments Corp projects revenue to be in the range of $285 million to $315 million. The company forecasts diluted earnings per share to be in the range of $0.05 to $0.19. On an adjusted basis, the company forecasts diluted earnings per share to be in the range of $0.11 to $0.25.
Operating cash flow improves
National Instruments Corp has generated cash of $195.84 million from operating activities during the year, up 20.42 percent or $33.20 million, when compared with the last year.
The company has spent $70.50 million cash to meet investing activities during the year as against cash outgo of $78.39 million in the last year.
The company has spent $91.18 million cash to carry out financing activities during the year as against cash outgo of $107.15 million in the last year period.
Cash and cash equivalents stood at $285.28 million as on Dec. 31, 2016, up 13.60 percent or $34.15 million from $251.13 million on Dec. 31, 2015.
Working capital increases marginally
National Instruments Corp has recorded an increase in the working capital over the last year. It stood at $575.38 million as at Dec. 31, 2016, up 2.83 percent or $15.86 million from $559.52 million on Dec. 31, 2015. Current ratio was at 3.22 as on Dec. 31, 2016, down from 3.33 on Dec. 31, 2015.
Debt comes down significantly
National Instruments Corp has recorded a decline in total debt over the last one year. It stood at $25 million as on Dec. 31, 2016, down 32.43 percent or $12 million from $37 million on Dec. 31, 2015. National Instruments Corp has recorded a decline in long-term debt over the last one year. It stood at $25 million as on Dec. 31, 2016, down 32.43 percent or $12 million from $37 million on Dec. 31, 2015. Total debt was 1.67 percent of total assets as on Dec. 31, 2016, compared with 2.54 percent on Dec. 31, 2015. Debt to equity ratio was at 0.02 as on Dec. 31, 2016, down from 0.03 as on Dec. 31, 2015.
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