National Instruments Corporation - NATI STOCK NEWS

National Instruments Corporation (Nasdaq: NATI) announced Q1 2023 revenue of $437 million, up 13% YoY, a record for a first quarter. GAAP operating margin was 13% in Q1, with GAAP operating income of $57 million, up 86% YoY. Non-GAAP operating margin was 23% in Q1, with non-GAAP operating income of $102 million, up 55% YoY. GAAP net income for Q1 was $47 million, with diluted EPS of $0.35, and non-GAAP net income was $83 million, with non-GAAP diluted EPS of $0.62.

NI (Nasdaq: NATI) will release its first quarter fiscal 2023 financial results on April 27, 2023, at 8:00 a.m. Central Time. Due to the pending acquisition by Emerson, there will be no earnings conference call or future guidance provided. This transaction highlights a pivotal moment in NI's operations, emphasizing strategic alignment and potential market impact. The company focuses on engineering solutions that integrate data and automation, addressing significant challenges in various sectors.

Forward-looking statements indicate potential risks, including global supply chain issues, competition, and the economic climate that could impact future performance. Investors are advised to refer to NI's Form 10-K for more details.

Emerson announced its acquisition of NI for $60 per share, totaling $8.2 billion. This move is part of Emerson's strategy to enhance its automation capabilities and expand into high-growth markets, including semiconductor, transportation, and aerospace. The acquisition is expected to deliver $165 million in cost synergies over five years, enhance gross margins, and be accretive to earnings in the first year. NI generated $1.66 billion in revenue in 2022 and serves 35,000 customers in over 40 countries. The transaction has been approved by both companies' boards and is anticipated to close in the first half of fiscal 2024.

National Instruments (NATI) has opened a new Engineering Innovation Center in Novi, Michigan, aimed at enhancing collaboration between automotive manufacturers and NI engineers. This facility will focus on developing EV components and ADAS sub-systems, ensuring improved quality and safety standards in modern vehicles. According to Drita Roggenbuck, NI's senior vice president, the center is critical for speeding up the testing and market readiness of increasingly complex automotive technologies. This addition expands NI's network of innovation centers globally, with existing locations in Austin, Munich, Shanghai, and Tokyo.

NI (NASDAQ: NATI) has acquired SET GmbH, experts in aerospace and defense test systems, as well as innovators in power semiconductor reliability testing for automotive applications. This acquisition aims to reduce time-to-market for critical solutions and foster convergence in the semiconductor supply chain, particularly with silicon carbide (SiC) and gallium nitride (GaN). NI's strategic minority investment in SET, initiated in 2020, enhanced testing approaches for aerospace and defense industries. The acquisition is funded through cash on hand and will bring approximately 100 SET employees into NI.