Revenue, profit rise for Austin's National Instruments

Austin-based technology company National Instruments Corp. posted year-over-year gains in both profits and revenue in the third quarter, the company reported Thursday.

National Instruments makes testing and measurement software and hardware for engineers, academics and scientists.

Founded in 1976, National Instruments was one of Austin’s first tech companies, and helped build the city’s then-burgeoning identity as a tech center. National Instruments employs 2,700 in the Austin area. The company went public in 1995 and reported $1.2 billion in revenue last year.

National Instruments reported third-quarter net income of $24.5 million. On a per-share basis, company said it had profit of 19 cents. Adjusted for stock option expense and amortization costs, net earnings were 25 cents per share, the company said. That compares with net income of 24 cents per share in 23.18 the same quarter last year, according to the company.

The company reported revenue of $306.4 million in the third quarter, up 2 percent over the same quarter last year.

“Over the last decade, we have made the long-term strategic investments necessary to make NI a company built to last. I believe the strong platform-based product offering and ecosystem we have today, coupled with significant progress in key areas… puts NI in a strategically differentiated position,” James Truchard, NI’s co-founder and CEO, said in a written statement. Truchard is retiring this year after 40 years leading the company.

For the current quarter ending in December, National Instruments said it expects its per-share earnings to range from 32 cents to 44 cents.

The company said it expects revenue in the range of $323 million to $353 million for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $335.4 million.

National Instruments shares have decreased almost 4 percent since the beginning of the year. The company’s shares closed Thursday down 14 cents, or half a percent, at $27.63.

Additional material from the Associated Press.