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Idexx 1Q profit rises; co raises 2010 outlook

Fri, 04/23/2010 - 5:17am
The Associated Press

Diagnostic and health care product company Idexx Laboratories Inc. said Friday its first-quarter profit rose 27 percent on higher sales of animal diagnostics and tests.

The company earned $33 million, or 55 cents per share, up from profit of $26.1 million, or 43 cents per share, during the same period a year prior. Revenue rose 14 percent to $268.5 million from $236.5 million.

Analysts polled by Thomson Reuters expected profit of 49 cents per share on revenue of $258.8 million.

Revenue from Idexx's companion-animal business, which makes health testing equipment for pets, rose 14 percent to $221.4 million. Meanwhile, revenue from the production-animal group, which makes tests for livestock, rose 9 percent to $19.9 million, while water unit revenue rose 13 percent to $17.9 million.

The company boosted its full-year profit outlook. It now expects earnings per share between $2.23 and $2.28, up from prior guidance of $2.20 to $2.25 per share. It still expects revenue between $1.1 billion and $1.12 billion. Analysts expect profit of about $2.22 per share on revenue of just under $1.11 billion.

Shares of Idexx closed at $60.40 Thursday.

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