National Instruments Corporation announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. GAAP net income for the quarter was $34 million, with fully diluted earnings per share (EPS) of $0.26, and non-GAAP net income was $44 million, with non-GAAP fully diluted EPS of $0.34 compared to net income of $32.134 million, diluted EPS of $0.25 and non-GAAP net income of $43.301 million or $0.34 per diluted share a year ago. EBITDA, or Earnings Before Interest, Taxes, Depreciation and Amortization, was $65 million against $62.958 million a year ago. Total net sales were $328.532 million against $334.339 million a year ago. Operating income was $49.251 million against $50.002 million a year ago. Income before income taxes was $46.895 million against $44.192 million a year ago. Non-GAAP net sales were $329.436 million against $334.339 million a year ago. Non-GAAP operating income was $59.861 million against $61.686 million a year ago. Non-GAAP income before income taxes was $57.505 million against $60.080 million a year ago.

For the year, the company reported total net sales of $1,228.179 million against $1,225.456 million a year ago. Operating income was $119.726 million against $137.172 million a year ago. Income before income taxes was $114.635 million against $131.279 million a year ago. Net income was $87.415 million or $0.68 per diluted share against $95.262 million or $0.74 per diluted share a year ago. Net cash provided by operating activities was $195.840 million against $162.637 million a year ago. Capital expenditures were $44.425 million against $33.987 million a year ago. Non-GAAP net sales were $1,229.083 million against $1,225.456 million a year ago. Non-GAAP operating income was $161.844 million against $179.560 million a year ago. Non-GAAP income before income taxes was $159.322 million against $178.320 million a year ago. Non-GAAP net income was $124.923 million or $0.97 per diluted share against $128.304 million or $1.00 per diluted share a year ago. EBITDA was $187.676 million against $203.508 million a year ago.

The company currently expects first quarter ending March 31, 2017 revenue to be in the range of $285 million to $315 million, up 4.5% year-over-year at the midpoint. Based on current exchange rates, the company expects that the impact of the strengthening U.S. dollar will reduce the company's year-over-year dollar revenue growth rate by approximately 1% in first quarter. The company currently expects that GAAP fully diluted EPS will be in the range of $0.05 to $0.19 for first quarter, with non-GAAP fully diluted EPS expected to be in the range of $0.11 to $0.25.

For 2017, the company estimates its non-GAAP effective tax rate to be approximately 21%.