AUSTIN, TX – National Instruments reported third quarter revenue of $321 million, up 5% year-over-year.

GAAP net income for the quarter ended Sept. 30 was $33.4 million, up 36.3% year-over-year. Operating income was $37.5 million, up 27.7%.

In the third quarter, NI received $8 million in orders from its largest customer, compared with $5 million in the same period last year. The value of the company’s total orders was up 5% year-over-year for the quarter.

For the nine months ended Sept. 30, NI posted net sales of $939.6 million, up 4.4% year-over-year. Net income was $76.7 million, an increase of 43.1%. Operating income was $88.5 million, up 25.5%.

“I am pleased with our performance in the first nine months of the year,” said Alex Davern, NI president and CEO. “We have seen record revenue and record profit and have made significant progress toward our target business model. With strong alignment and focus throughout our organization, we have seen continued success in the key focus areas of semiconductor test, 5G, the electric and connected vehicle, and the Industrial Internet of Things.”

Geographic revenue in US dollar terms was up 3% in the Americas, 12% in APAC and 1% in EMEIA.

As of Sept. 30, NI had $385 million in cash and short-term investments.

The firm currently expects fourth quarter revenue in the range of $331 million to $361 million.