News & Analysis

NI reports Q2 record sales and income

30th July 2021
Mick Elliott

NI revenues climbed 15% year on year to a company Q2 record of 347m. Income soared 50% to $25m.

Orders were also a Q2 record, rising 33% with double-digit growth across al industries and all regions.

Eric Starkloff, President and Chief Executive Officer (pictured) revealed that software growth year over year outpaced the company and now represents 21% of total revenue.

He continued, “We're also pleased with the progress on our channel transition so far this year. We have set clear goals to achieve higher efficiency in our broad-based business of over 30,000 accounts where scale and leverage can be achieved through both e-commerce and global distribution.”

“These customers represented approximately 30% of our Q2 orders and reported record year-over-year order growth. We believe our strategy to serve these customers with e-commerce and distribution will ultimately improve customer experience, lower our cost of sale and improve our reach. The leverage in this portion of our business will also allow us to continue to forward invest in higher growth opportunities and focused accounts. Our focused accounts include approximately 2,500 accounts that we believe have the highest potential to expand our system-level offerings and increase our share of wallet. These customers represented approximately 70% of total Q2 orders,” Starkloff added.

Moving to specific vertical market areas, NI’s transportation business continued to benefit from the recovery in vehicle production, with year-over-year order growth of 46% in Q2, representing an all-time record quarter for orders.

The portion of this business focused on electric vehicles and ADAS continued to significantly outpace the rest of the business and now represents approximately 30% of our transportation orders.

Order growth remained steady in aerospace, defence and government for Q2 with year-over-year order growth of 15% over an already strong 2020 Q2, representing record orders for second quarter.

Chief Financial Officer Karen Rapp reported strong year-over-year order growth across all regions in the second quarter. “In the Americas, orders were up 22% year-over-year, and EMEA orders were up 51% year-over-year. And in Asia Pacific, orders were up 36% year-over-year.”

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