AUSTIN, TX – National Instruments reported first quarter revenue of $385.3 million, up 14.9% year-over-year, a record for a first quarter.
GAAP net income for the period was $25.2 million, an increase of 461.4% compared to the same quarter the prior year. Operating income was $30.5 million, up 220%.
The value of the company's total orders was up 27% compared to the first quarter of 2021. During the period, year-over-year orders in the Americas were up 40%; in EMEA, orders were up 22%; and in APAC, orders were up 17%.
GAAP operating expenses were $235 million, up 2% year-over-year.
“Demand exceeded expectations in the first quarter, with record orders for a first quarter up 27% year-over-year. Orders serve as the leading indicator in our business and a direct result of our strategic initiatives,” said Eric Starkloff, NI president and CEO. “Our focus on high growth areas such as electric and autonomous vehicles, wireless communications, and new space technologies brings us confidence in our ability to grow faster than the overall market. The flexible, modular test solutions we provide are built on our leading interoperable software that enables customers to automate their test processes to bring their products to market faster and with high quality.”
“We continue to strengthen our competitive advantages and make our business more scalable. Our strategy proved to be resilient as we navigated lack of component availability and the widely publicized logistics challenges facing our industry in the first quarter,” said Karen Rapp, NI CFO. “Given the current supply uncertainty, we are widening our 2022 target to 12% to 18% revenue growth year-over-year. We remain focused on margin expansion and are targeting an increase of our non-GAAP operating margin by 100 bps each year starting this year through 2025.”
As of Mar. 31, NI had $143 million in cash and cash equivalents. During the period, NI paid $37 million in dividends and repurchased approximately 772,000 shares of common stock at an average price of $40.74 per share.
For 2022, the company forecasts GAAP revenue in the range of $370 million to $410 million.