AUSTIN, TX – National Instruments reported fourth quarter revenue of $367 million, up 2% year-over-year, an all-time quarterly record.

Fourth quarter GAAP net income was $59 million, up 3.5% compared to the fourth quarter of 2018.

The value of the company’s total orders was up 9% compared to the fourth quarter of 2018. Orders over $20,000 were up 19%, and orders under $20,000 were down 5% year-over-year.

“I am proud of our ability to grow in a tough industrial economy with record quarterly revenue,” said CEO Alex Davern. “I believe this is a reflection of our realignment, execution to our strategy and commitment to operational excellence. I am pleased with our 9% year-over-year order growth in the fourth quarter and believe we are entering 2020 with renewed momentum.”

"I am honored to assume the leadership of a company that delivers innovative systems to our customers that are building some of the world's most impactful technology,” said Eric Starkloff, NI president and COO. “As we begin a new decade of business, I believe we are in a stronger position than ever. We have created a solid foundation that we believe will help accelerate our growth and achieve our long-term aspirations for all our stakeholders."

Geographic revenue in US dollar terms for the fourth quarter compared with the same period last year was down 1% in the Americas, up 18% in APAC and down 7% in EMEIA. Excluding the impact of foreign currency exchange, revenue was down 1% in the Americas, up 19% in APAC and down 5% in EMEIA.

As of Dec. 31, NI had $433 million in cash and short-term investments, with $224 million in cash generated from operations this year.

For full-year 2019, revenue was $1.35 billion, flat year-over-year. GAAP net income was $162 million, up 5% compared to 2018.

In 2019, GAAP operating expenses were $842 million, down 1% year-over-year.

NI currently expects first quarter revenue in the range of $308 million to $338 million.