AUSTIN, TX – National Instruments posted first quarter revenue of $311 million, flat year-over-year.

GAAP net income was $23 million, down 4% year-over-year.

Timing and mix of orders resulted in a $10 million increase in backlog during the quarter.

Cash and short-term investments were $480 million as of Mar. 31.

During the quarter, the value of the company’s orders over $20,000 was up 6% year-over-year, as the company saw continued growth in system-level business. Orders under $20,000 were down 6% year-over-year, in line with the weakening global PMI. Total orders were up 1% compared to the first quarter of 2018.

“I am proud of the team’s execution in the first quarter, despite the weakened industrial economy, especially in Europe,” said CEO Alex Davern. “We delivered record Non-GAAP net income for a first quarter, up 21% year-over-year. We remain focused on our long-term strategy, and we believe we are well positioned to deliver record non-GAAP net income in 2019.”

In US dollar terms, revenue was up 2% in the Americas; up 3% in APAC; and down 6% percent in EMEIA.

NI currently expects second quarter revenue in the range of $326 million to $356 million.

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