AUSTIN, TX – National Instruments reported first quarter record revenue of $335.2 million, up 8.3% year-over-year.
GAAP net income was $4.5 million, compared to $132.7 million in the prior year period.
During the quarter, the company's orders were up 19% year-over-year. Orders in the Americas were up 8%; EMEA orders were up 2%; APAC orders were up 51%.
Geographic revenue in US dollar terms was up 1% in the Americas and 26% in APAC, and down 1% in EMEA.
“Momentum continued with an all-time record for first quarter orders,” said NI CEO Eric Starkloff. “Demand was above typical seasonality with orders up year-over-year across all regions and business units. I'm inspired by our long-term growth opportunities and confident in the solid global execution of our growth strategy. Our continued focus on systems and enterprise software can serve as a strong foundation to deliver sustainable growth, while creating value for all our stakeholders.”
"We reported record revenue for a first quarter. Due to broad supply chain constraints across our industry, not all orders were shipped within the quarter, resulting in an increase in backlog,” said Karen Rapp, NI CFO. “We remain confident in our ability to ultimately ship our backlog and optimistic in the continued strength in our business as we continue to align resources to higher growth opportunities in pursuit of our long-term financial model. Our ability to accelerate our growth strategy is indicative of the value customers see in our innovative platform, stability provided by our industry diversity, and our operational excellence."
As of Mar. 31, NI had $299 million in cash and short-term investments. During the first quarter, NI paid $36 million in dividends.
NI expects second quarter revenue to be constrained by component availability, with estimated order growth in the range of 20% to 25% year-over-year. NI currently expects second quarter revenue in the range of $304 million to $334 million.