AUSTIN, TX – National Instruments reported first quarter revenue of $309 million, down less than 1% year-over-year. Organic revenue grew approximately 2% year-over-year.
GAAP net income was $133 million, including $123 million related to the AWR divestment, up 434.8% year-over-year.
Excluding the gain from the divestment of AWR, GAAP operating expenses were $214 million, up 1% year-over-year. GAAP operating income of $172 million includes a gain of approximately $160 million related to the sale of the AWR business.
For the first quarter, organic order growth was up 1% compared to the same period in 2019. The Americas region had year-over-year organic order growth of 8%. EMEIA 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, orders were down 5% year-over-year. Greater China orders were down 12%, but as travel and other restrictions started to be lifted, business returned to more normal levels, with orders up 3% year-over-year in March.
During the quarter, on an organic order growth basis, orders over $20,000 were up 7% year-over-year, and orders under $20,000 were down 8% year-over-year.
Geographic revenue in US dollar terms was up 2% in the Americas, up 5% in APAC and down 8% in EMEIA. Excluding the impact of foreign currency exchange, revenue was up 2% in the Americas, up 6% in APAC and down 7% in EMEIA.
"I am proud of the resiliency within our business and from our employees as we delivered results within expectations for the first quarter at a time of crisis due to Covid-19. I believe this is a testament to the stability provided by our broad customer base, end-market diversity, and the value our customers see in our innovative platform," said Eric Starkloff, CEO, NI. "With the right strategy in place and our experience navigating in tough times, I remain confident we can maintain stability in the short-term, while staying focused on our long-term growth ambitions."
"Our ability to close the quarter within guidance during this unprecedented crisis brings me confidence. Our strategic focus is clear, and our current outlook for longterm growth remains positive," said Karen Rapp, CFO, NI. "We remain cautious to what lies ahead with a high degree of uncertainty for the industrial economy. In 2020, we plan to preserve strategic investments, while continuing to demonstrate disciplined expense management. Our strong balance sheet and record cash position provides us the capability to keep our capital allocation priorities unchanged."
As of Mar. 31, NI had $584 million in cash and short-term investments.
The total impact of Covid-19 on the economy remains uncertain, and NI has limited visibility into the second quarter, making the impact hard to quantify. As a result, the company will not provide guidance for the second quarter at this time. An update is expected Jun. 9.