NATI - National Instruments stock plunges on Q1 sales miss downside outlook

National Instruments (NATI) shares are down 8.7% after yesterday's Q1 results missed revenue estimates and guided for a downside quarter.For Q1, sales were up 8% on the year to $335M, $7M shy of estimates. EPS was $0.32, one cent ahead of consensus."In Q1, we reported record revenue for a first quarter. Due to broad supply chain constraints across our industry, not all orders were shipped within the quarter resulting in an increase in backlog,” says NI CFO Karen Rapp. “We remain confident in our ability to ultimately ship our backlog and optimistic in the continued strength in our business as we continue to align resources to higher growth opportunities in pursuit of our long-term financial model."The second quarter outlook includes $305-335M in revenue, below the $350.89M, and $0.21-0.35 EPS vs. the $0.37 estimate.Press release.

For further details see:

National Instruments stock plunges on Q1 sales miss, downside outlook