NI appoints new semiconductor head, reports Q2 financials
On July 30, automated test and measurement solutions provider National Instruments announced new leadership for its semiconductor business, and reported its 2019 second quarter financial results. Get the details here.
On July 30, automated test and measurement solutions provider National Instruments announced new leadership for its semiconductor business, and reported its 2019 second quarter financial results.
The Austin, TX-based company has appointed Ritu Favre as senior vice president and general manager of NI’s semiconductor business, where she will set NI’s strategic direction to drive business growth.
“Ritu brings more than 25-years-experience in the semiconductor industry and a deep understanding of our target market and customers,” said NI president and COO Eric Starkloff. “She is a proven leader with a passion to empower teams to achieve results. We expect Ritu’s impressive track record for growth will make a significant impact on our semiconductor industry focus, which is already showing strong momentum. I am excited our industry leadership team is now complete.”
NI shares that Favre is a seasoned high-tech industry leadership veteran with experience across general management and executive roles in the RF and semiconductor industries. Most recently, she was CEO of NEXT Biometrics and served on the Cohu Board of Directors.
“I believe NI is well positioned to capture the tremendous opportunity that is occurring with the commercialization of 5G and today’s software-centric smart devices,” Favre said in NI’s press release July 30. “I look forward to applying my experiences to help accelerate NI’s progress in the fast-paced semiconductor market, with a focus on driving sustained growth.”
Prior to her role as CEO of NEXT Biometrics, Favre held senior management positions at Motorola, Freescale Semiconductor, and Synaptics. She received her bachelor’s and master’s degrees in electrical engineering from Arizona State University.
Favre is a member of the Global Semiconductor Association’s Women’s Leadership Council, which is aimed at inspiring and sponsoring the next generation of female leaders in the semiconductor industry.
National Instruments reported 2019 second quarter total sales of $334.2 million, down 2.0% year-over-year and up approximately 7% sequentially from Q1. Geographically, Q2 sales were down approximately 1% in the Americas, up 5% in APAC, and down 10% in EMEIA. Excluding foreign exchange impacts, sales in the Americas were flat, were up 8% in APAC, and down 6% in EMEIA.
Total Q2 value order decreased 4% year-over-year, with orders more than $20,000 down 2% year-over-year. Q2’s operating profit of $32.3 million decreased 4.6% year-over-year, while total Q2 profit of $28.7 million slid 7.6%.
“I am pleased with our execution this quarter despite external disruptions in our industry,” NI CEO Alex Davern said of the results. “Revenue came in at 98% of the midpoint of our guidance and we delivered an all-time record non-GAAP net income for a second quarter. We are on a journey to position NI for long-term growth and I believe we have an opportunity to deliver significant operating leverage when the market dynamics recover. I remain optimistic about our opportunity for growth and delivering 18% non-GAAP operating margin through the cycle.”