AUSTIN, TX – National Instruments currently expects second quarter revenue in the range of $295 million to $315 million, which at the midpoint is a year-over-year decline of 9% and an organic revenue decline of 7%.
A high degree of uncertainty remains for the industrial economy with the impact of Covid-19 varying across regions, the firm says.
NI announced on June 2 it has entered into a definitive agreement to acquire OptimalPlus. The transaction is valued at $365 million and expected to close early in the third quarter. NI plans to fund the transaction through a combination of cash on hand and debt.
As of May 31, NI had $606 million in cash and short-term investments.
“Our diversity of business and ability to stay connected to our customers in this unprecedented time gives me confidence we are on the right path forward with the right strategy in place. I continue to be impressed with the resiliency of our employees and their commitment to our customers,” said Eric Starkloff, NI president and CEO. “We remain committed to our long-term growth ambitions with short-term expense management to keep us in a position of strength.”