AUSTIN -- National Instruments announced preliminary fourth-quarter revenue estimates set a quarterly record of $277 million, up 11% year-over-year.

However, the estimate fell 1% short of the low-end of the company's Oct. 26 guidance, as revenue growth in Europe plunged 25% sequentially. In Asia and in the Americas year-over-year revenue growth was approximately 10% organically and 20% in the Americas including acquisitions .

"While it is clear that the industrial economy, especially in Europe, experienced a slowdown in Q4, we believe the diversity of our business and the solid execution of our sales force allowed us to continue to gain market share," said NI president, cofounder and CEO James Truchard. "Going forward, we will be very disciplined in managing our expenses, while ensuring we continue to serve the growing industries that are fundamental to the needs of society such as energy, medical, communications, and academic."

Graphical system design products, which make up about 95% of the company's product portfolio, were up 14% year-over-year in the quarter. Instrument control sales were down about 15% year-over-year.