National Instruments Sees Q1 Earnings, Sales Below The Street

Shares of

were trading lower by more than 8 percent early Tuesday morning after the company

a weaker than expected first quarter guidance. National Instruments said after Monday's market close that it expects to earn $0.14 to $0.15 per share in the first quarter. The company's guidance fell short of the $0.16 per share Wall Street analysts were expecting the company to earn. National Instruments cited its poor outlook on "further weakness in the industrial economy with Q1 having the lowest Global PMI in three years." The company also noted a "marked slow-down in our semiconductor accounts that are part of the wireless supply chain." "While it is clear that the industrial economy, especially in the U.S., experienced a slowdown in Q1, we believe the diversity of our business and the solid execution of our sales force allowed us to continue to gain market share," said James Truchard, NI president, co-founder and CEO. "Going forward, we plan to be very disciplined in managing our expenses, while working to ensure that our highly differentiated platform and broad ecosystem continues to help engineers and scientists address their test, measurement and control needs." National Instruments also stated it will provide a detailed second quarter guidance in its first quarter earnings conference call on April 28, 2016, at 4:00 p.m CT.