AUSTIN, TX -- National Instruments announced first-quarter revenue of $300 million, up 5% year-over-year.

Core revenue, defined as GAAP revenue excluding the impact of NI’s largest customer and the impact of foreign currency exchange -- was up 7% for the period.

GAAP net income was $18 million, including $2 million related to restructuring charges, almost double that of 2016. EBITDA was $42 million. Gross margin was 74.5%, operating margin was 7% and operating income was $22 million, up 61%.

NI received $5 million in orders from its largest customer compared with $6 million in orders from this customer a year ago. Excluding that customer, total orders were up 9% for the quarter; orders under $20,000 were up 4%, orders between $20,000 and $100,000 were up 9%, and orders above $100,000 were up 22%.

“I am pleased by the excellent execution and focus on growth by our entire global team this quarter,” said Alex Davern, NI president and CEO. “Our growth has come from an improving industrial economy and a sharp focus on key growth areas within our markets. Investments in RF and wireless, semiconductor test, and software are enabling our customers to use our platform to solve new challenges in 5G, semiconductor test, connected vehicles, and the Industrial Internet of Things. As we look to the rest of the year, we will be disciplined in our focus and execution, in order to achieve our growth and profitability goals.”

John Roiko, NI interim CFO, said, “We are encouraged by the strong order growth, improved operating margin and the positive signs we are seeing in the macroeconomic environment. We remain focused on leveraging our investments to drive sustained revenue growth and are confident in our ability to continue to make progress toward our non-GAAP target of 18 percent operating margin.”

Geographically, revenue was up 7% in the Americas, up 3% in APAC, and up 3% percent in EMEIA. Excluding the impact of foreign currency exchange, revenue was up 7% in the Americas, up 3% in APAC, and up 5% in EMEIA. .

NI guided for second quarter revenue of $305 million to $335 million, up 5% year-over-year at the midpoint.

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