Austin-based technology company National Instruments Corp. saw its stock rise on Friday after the company’s third-quarter earnings topped Wall Street expectations.
National Instruments said it had net income of $33.4 million, or 25 cents per share, for the quarter.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for 23 cents per share.
The company had revenue of $321 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $319.8 million. The company said the revenue was a 5 percent increase from the same quarter the previous year.
"I am pleased with our performance in the first nine months of the year," Alex Davern, National Instruments’ president and CEO, said in a written statement. "We have seen record revenue and record profit and have made significant progress toward our target business model. With strong alignment and focus throughout our organization, we have seen continued success in the key focus areas of semiconductor test, 5G, the electric and connected vehicle and the Industrial Internet of Things."
National Instruments employs about 2,500 in Austin and about 7,500 worldwide. The company makes testing equipment and software used by scientists, engineers and researchers.
For the current quarter ending in December, National Instruments said it expects its per-share earnings to range from 34 cents to 48 cents.
The company also said it expects revenue in the range of $331 million to $361 million for the fourth quarter. Analysts surveyed by Zacks had expected revenue of $352.6 million.
National Instruments shares have climbed more than 40 percent since the beginning of the year. On Friday morning, its share price was up $1.05, or about 2.3 percent, at $45.35.
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