National Instruments hits Street's profit projections

Austin-based technology company National Instruments Corp. matched Wall Street's expectations for profit in its first quarter, according to the company's Tuesday earnings report.

National Instruments reported first-quarter profit of $23.2 million, or 17 cents per share. Adjusted for stock option expense and non-recurring costs, the earnings came to 30 cents per share, according to the company

The results met Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was also for earnings of 30 cents per share.

National Instruments -- which makes scientific measuring equipment and software -- reported revenue of $311.1 million in the quarter, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $321.3 million.

For the current quarter ending in July, National Instruments now projects its per-share earnings to range from 28 cents to 42 cents.

The company also said it expects revenue in the range of $326 million to $356 million for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $347 million.

National Instruments employs about 2,500 people in Austin and about 7,500 worldwide. The company makes testing equipment and software used by scientists, engineers and researchers.

National Instruments shares have risen almost 4% since the beginning of the year. The company's shares closed Tuesday at $47.10, down 4 cents, or less than 1 percent, for the day.

The company's shares have risen about 15% in the past 12 months.