National Instruments more than doubles Q3 profits

Oct 31, 2014
Austin Business Journal

National Instruments Corp. reported Thursday that it more than doubled third-quarter profits

The Austin-based company posted a quarterly profit of $39.7 million, or 31 cents per share, on revenue of $313.7 million, compared with a profit of $15.7 million, or 13 cents per share, on revenue of $289.1 million during the same quarter last year, according to a filing with the U.S. Securities and Exchange Commission

On a non-GAAP basis National Instruments generated earnings 37 cents per share versus analysts' projections of 26 cents. NATI shares remained flat on Thursday, closing at $30.80

National Instruments, which was founded in 1976, develops tools for engineers and scientists. The company employs about 7,100 workers, including 2,700 in Austin

In July, it disclosed plans to move 100 of its local manufacturing jobs out of Austin during the ensuing six to 18 months. That same month, National Instruments canceled an economic incentive deal it signed with the city of Austin last year to create 1,000 jobs and invest $80 million during the next 10 years

National Instruments ranks No. 11 on Austin Business Journal's list of the largest private-sector employers in the Austin area. It's also the third-largest public company based in Austin, according to the ABJ list of public companies published in June

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