AUSTIN, TX – National Instruments reported record third quarter revenue of $367.2 million, up 19.2% year-over-year.

Net income was $27.2 million, compared to a net loss of $4.6 million in the third quarter of 2020. Operating income was $34.2 million, compared to an operating loss of $2.1 million in the same period last year.

In the third quarter, the value of the company's orders was up 30% year-over-year. Year-over-year orders were up 28% in the Americas, 39% in APAC, and 23% in EMEA. Geographic revenue in US dollar terms for the third quarter was up 17% year-over-year in the Americas, 20% in APAC, and 21% in EMEA.

During the period, the company announced the acquisition of NH Research, maker of high power test and measurement applications such as electric vehicles and batteries. The transaction closed Oct. 19. NI also entered into a definitive agreement to purchase the EV Systems business of Heinzinger. The deal is expected to close early in the first quarter of 2022, pending regulatory approval.

“We reported outstanding results in the third quarter, as momentum continued across our business for the fourth consecutive quarter,” said Eric Starkloff, president and CEO, NI. “The strategic changes we’ve made over the last several years are clearly paying off. Our focus on secular growth opportunities such as wireless communications and 5G, electrification, and space technology is leading to sustainable customer demand. With our recent acquisitions, we will further accelerate growth and profitability by broadening our reach to customers in the fast-growing area of electrification. Shortly after taking on the role of CEO in 2020, I committed to a three-year financial model through 2023. Today, we expect to meet or exceed those expectations in 2022, a full year ahead of schedule.”

For the first nine months of 2021, net sales were over $1 billion, an increase of 14.2% year-over-year. Net income was $49 million, down 64.7%. Operating income was $68.3 million, a decrease of 63.3%.

As of Sept. 30, NI had $231 million in cash and short-term investments. During the third quarter, NI paid $36 million in dividends.

For the fourth quarter, the company expects revenue in the range of $385 million to $425 million.

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