AUSTIN, TX – National Instruments reported preliminary first quarter revenue of $309 million, down less than 1% year-over-year. Organic revenue growth was up approximately 2% year-over-year.

During the quarter, the Americas region had year-over-year organic order growth of 8%. EMEIA estimated orders were down 3%, with weakness toward the end of the quarter. In APAC, where Covid-19 disrupted customer purchasing behaviors most significantly during the quarter, estimated orders were down 5% year-over-year. Greater China estimated orders were down 12% year-over-year in the first quarter, but as travel and other restrictions started to be lifted, business returned to more normal levels in the last month of the quarter, and estimated orders were up 3% year-over-year.

The company estimates cash and cash equivalents at the end of March were $573 million to $583 million.

"The Covid-19 situation remains very dynamic globally, and the health and safety of our employees and our communities continue to be our top priority," said Eric Starkloff, NI president and CEO. "We are fortunate to have a strong and resilient business. While we believe the diversity of our business and our solid execution will allow us to navigate this crisis while still making critical investments for long-term growth, a high degree of uncertainty remains for the industrial economy, so we will continue to monitor our business closely as the environment evolves and adjust as necessary."

The sale of the firm’s AWR business to Cadence closed on Jan 15.