AUSTIN, TX – National Instruments announced revenue of $437 million for the first quarter, an increase of 13% year-over-year and a record for a first quarter.

For the first quarter, the value of the company's total orders was down 10% year-over-year, compared to a very strong Q1 2022. Year-over-year orders in the Americas region were down 12%, in EMEA orders were flat, and in APAC orders were down 15%.

“We delivered strong results with EPS and revenue above the midpoint of our guidance. Revenue for the first quarter was up 13 percent year over year and a record for a first quarter. For Q1, GAAP operating margin was up over 500 bps and non-GAAP operating margin was up over 600 bps as compared to the same quarter last year,” said Eric Starkloff, NI president and CEO. “We believe these results are a testament to the initiatives that we’ve executed since 2017 to transform NI into a company with higher growth, better profitability, and lower cyclicality. I'm proud of the performance of our team in a dynamic environment.”

“With supply chain constraints beginning to ease, we continued reducing our delinquent backlog as planned to support revenue growth despite a challenging economic environment. This dynamic also supported our continued gross margin expansion,” said Daniel Berenbaum, NI CFO. “GAAP and non-GAAP EPS were in the upper half of our guidance range, driven primarily by operational execution, as well as a lower-than-expected tax rate.”

Given the pending acquisition of NI by Emerson Electric Co., NI will not host an earnings conference call for first quarter results nor provide future guidance.