NI keeps eye on 'the long-term' with strong Q3
National Instruments has reported steady sales growth in Q3 with revenues of $290m.
This represented a 7% increase from Q3 2011 on a non-GAAP basis. In constant currency terms, Q3 revenue increased 11% from Q3 2011.
“In tough economic climates, it takes discipline to balance the short-term demands of the business and our long-term objectives in building a company that is built to last,” said Dr. James Truchard, co-founder, president and CEO.
Sales increased by 3% in the Americas and in local currency terms, revenue was up 4% in Europe and up 29% in Asia.
“We are pleased with our ability to increase our Q3 non-GAAP operating margin over last year,” said Alex Davern, NI CFO. “With that said, we expect the industrial economy to remain very weak into 2013, and we will continue to focus on carefully managing expenses.”
NI expects revenue for Q4 2012 to be between $265m and $295m.
A significant contributor to revenues was the application sale involving the use of NI LabVIEW system design software and the NI PXI hardware platform to develop a production test solution.
Year to date, National Instruments has received $53m in orders for this application — $41m of this was recognized as revenue in the first nine months of 2012, and the company anticipates recognizing the remainder in Q4.
Excluding the impact of this application, orders over $20,000 would have been up by 2% year-over-year, said the design and test system supplier.
NI has $364m in cash and short-term investments.