AUSTIN, TX – National Instruments reported fourth quarter record revenue of $360 million, up 3% year-over-year. Revenue came in at the low end of guidance due to unexpected weakness in China during the quarter, says the firm.

GAAP net income was $57 million, compared to a net loss of $24 million in 2017.

In the fourth quarter, the value of the company’s total orders was up 2% year-over-year. Orders under $20,000 were down 2%; orders over $20,000 were up 6%.

“We delivered record revenue in 2017 and 2018, totaling a $130 million increase in revenue over the last two years,” said Alex Davern, CEO, NI. “We also met our long-term target of 18% non-GAAP operating margin in 2018, one year ahead of schedule, and non-GAAP net income up 86% in the past two years. We enter 2019 in a strong position, and I am confident in our long-term growth opportunity.”

Geographic revenue in US dollar terms for the fourth quarter was up 11% in the Americas year-over-year, down 2% in APAC and down 2% in EMEIA.

For full-year 2018, NI posted record revenue of $1.36 billion, up 5.4% year-over-year. GAAP net income was $155 million, up 198% year-over-year. As of Dec. 31, NI had $531 million in cash and short-term investments, with $275 million in cash generated from operations. GAAP operating expenses were $853 million, up 5% year-over-year.

NI expects first quarter revenue in the range of $305 million to $335 million.

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