National Instruments has reported record quarterly revenue of $215 million, up 17 per cent year-over-year, in the third quarter of 2008. This was above the midpoint of NI's guidance of between $208 million and $218 million.
'I am very pleased with our 17 per cent revenue growth in the face of significant economic headwinds, driven by record revenue in PXI, NI CompactRIO, modular instruments, machine vision and motion control,' said Dr James Truchard, NI president and CEO. 'There is no doubt that the current global economic situation presents challenges, but I believe our business model is strong, our investments are wise and our long-term strategy is sound.'
NI virtual instrumentation and graphical system design products, which represent more than 90 per cent of the company's product portfolio, had 19 per cent year-over-year revenue growth in Q3 2008. The revenue growth of these products relative to the global PMI improved in Q3 and has been steadily improving over the last eight quarters. This validates the company's strategy of strong investment in R&D and field sales force expansion to drive new product success.
'Given the current uncertainty, our strategy going forward is to be very realistic about the economy but also to continue to drive market share gains,' said Alex Davern, NI CFO. 'We will manage our expenses carefully by focusing our investments on R&D and the field sales expansion while significantly limiting expense growth in other areas of the company.'