July 23, 2013

Idexx posts higher earnings; shares fall on lower outlook

The Westbrook company said second-quarter growth was driven by strong sales in its pet group.

By Jessica Hall jhall@pressherald.com
Staff Writer

WESTBROOK — Idexx Laboratories Inc., which makes diagnostic products for veterinarians and tests for livestock and poultry, on Tuesday posted higher second-quarter profits but its stock dropped after it lowered its full-year revenue guidance again.

Second-quarter profits totaled $54 million, or 99 cents per share, up from $51.3 million, or 91 cents per share, a year ago.

The results topped Wall Street analysts’ average earnings expectations of 97 cents a share, according to FactSet.

Quarterly revenue rose 5 percent to $352.6 million from $335.6 million, driven by growth in its pet group. The pet group, known as the companion animal group, had revenues of $295.8 million, up from $278.3 million a year ago.

Sales in the water-testing business rose slightly to $22.4 million from $22.0 million, while sales in the livestock, poultry and dairy sector fell slightly to $28.3 million from $28.6 million a year ago.

For the full year, the Westbrook-based company again cut its full-year guidance, citing increased share repurchases, lower organic revenue growth and unfavorable changes in foreign currency exchange rates.

Idexx now expects to earn $3.42 to $3.48 per share for 2013, compared with a prior range of $3.40 to $3.46. Revenue is expected to be in the range of  $1.37 billion to $1.38 billion, down from its previous forecast of $1.38 billion to $1.39 billion. The company had already trimmed its 2013 outlook earlier this year.

Analysts, on average, expect full-year earnings per share of $3.44 and revenue of $1.38 billion, according to FactSet.

Shares of Idexx fell $1.05 Tuesday, closing at $96.37 on the Nasdaq stock exchange.


Were you interviewed for this story? If so, please fill out our accuracy form

Send question/comment to the editors

Further Discussion

Here at PressHerald.com we value our readers and are committed to growing our community by encouraging you to add to the discussion. To ensure conscientious dialogue we have implemented a strict no-bullying policy. To participate, you must follow our Terms of Use.

Questions about the article? Add them below and we’ll try to answer them or do a follow-up post as soon as we can. Technical problems? Email them to us with an exact description of the problem. Make sure to include:
  • Type of computer or mobile device your are using
  • Exact operating system and browser you are viewing the site on (TIP: You can easily determine your operating system here.)