National Instruments sees rise in Q3 revenue

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National Instruments has announced Q3 revenue of $255 million, a quarterly record and a 16 per cent increase from Q3 2010. Non-GAAP revenue for Q3 was $271 million, up 23 per cent from Q3 2010. In Q3, the company's orders greater than $20,000 grew 31 per cent year-over-year, and the average order size reached an all-time record of approximately $4,600.

Net income for Q3 was $12.7 million, with fully diluted earnings per share (EPS) of $0.11, and non-GAAP net income was $31.0 million, with non-GAAP fully diluted EPS of $0.26.

'Over the last few years we have invested significantly in building out our capabilities to serve our larger customers, which enabled the significant progress we saw in Q3,' said Dr James Truchard, co-founder, president and CEO. 'This ability to grow our larger orders will be key to achieving our goal of $2 billion in revenue by 2016.'

NI expects revenue for Q4 to be between $280 million and $300 million, an increase of between 12 and 20 percent over Q4 2010.