AUSTIN, TX – National Instruments reported second quarter revenue of $301 million, down 10% year-over-year and 3% sequentially.

GAAP net income was $11 million, a decrease of 62% compared to the same period last year. EBITDA was $33 million, down 32.7%.

In the second quarter, overall organic orders were down 6% year-over-year; organic orders over $20,000 were up 4%; and organic orders under $20,000 were down 21%.

The Americas region had year-over-year order growth of 1%; EMEA orders were down 23%; and APAC orders were flat.

Geographic revenue in US dollar terms was down 6% in the Americas, 7% in APAC and 19% in EMEA. Excluding the impact of foreign currency exchange, revenue was down 5% in the Americas, 4% in APAC and 17% in EMEA.

Total GAAP operating expenses were $199 million, down 9% year-over-year.

For the first half of 2020, revenue was $611 million, down 5% compared to the same period in 2019. On an organic basis, revenue was down 3%. The value of the company's first half total organic orders was also down 3%.

NI currently expects third quarter GAAP revenue in the range of $283 million to $323 million.

“I am proud of the ability of our employees to adapt as the Covid-19 pandemic continues globally. We delivered results within expectations shared June 9, 2020, and our operational continuity ensured we were able to meet customer demand,” said Eric Starkloff, CEO, NI. “The core strengths of NI are clear: our broad customer base, diversity of business, and the value our customers see in our software-connected systems. I believe we are in a stronger position strategically compared to past industrial recessions, with a focus on the parts of the market where our customers continue to invest.”

“We will continue to be diligent in managing expenses through the second half of 2020,” added CFO Karen Rapp.

As of June 30, NI had $608 million in cash and short-term investments. During the second quarter, NI amended and restated its credit agreement to provide for an initial credit facility of $145 million, with the potential to request, subject to the terms and conditions of the credit agreement, including obtaining commitments from existing lenders or new lenders, additional term loan or revolving commitments of up to $105 million in the aggregate.

Register now for PCB West Virtual 2020, the leading conference and exhibition for the printed circuit board industry, coming this September. pcbwest.com  

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