Idexx Labs 3Q profit climbs 11 pct, outlook rises

Associated Press Published: October 19, 2012
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WESTBROOK, Maine (AP) — Idexx Laboratories Inc. said Friday that its third-quarter net income climbed 11 percent, helped by growth from its business that provides diagnostic testing and services for pets.

The Westbrook, Maine, company also raised its 2012 earnings forecast.

Idexx earned $42.9 million, or 76 cents per share, in the three months that ended Sept. 30. That compares to $38.5 million, or 66 cents per share, in last year's quarter.

Revenue climbed 5 percent to $315.5 million from $301 million a year ago.

Analysts surveyed by FactSet expected, on average, earnings of 73 cents per share on $319 million in revenue.

Idexx said revenue from its largest business, Companion Animal Group, grew 6 percent to $262.4 million, spurred in part to growth in reference laboratory diagnostic and consulting services and the company's instrument and consumables business.

That growth helped offset increases in selling, general and administrative costs and research and development expenses.

Idexx said it now expects 2012 earnings to range between $3.08 and $3.11 per share, up from its previous guidance for $3.05 to $3.10 per share. The company also narrowed its revenue forecast to about $1.3 billion from a forecast of $1.3 billion to $1.31 billion it provided in July.

Analysts expect earnings of $3.09 per share on $1.3 billion in revenue.

For 2013, the company expects earnings to range between $3.37 and $3.47 per share on revenue of approximately $1.41 billion to $1.43 billion. Analysts expect earnings of $3.46 per share on $1.39 billion in revenue.

Idexx Labs shares, which have climbed more than 28 percent so far in 2012, fell 86 cents to $98.10 per share in morning trading Friday.