(RTTNews) - IDEXX Laboratories, Inc. (IDXX: News ), a maker of products for veterinary, and food and water testing markets, reported Friday a rise in third-quarter profit, reflecting higher revenues, mainly due to international performance particularly in Asia, as well as lower operating expenses. Earnings, on a per share basis, beat analysts expectations. Looking ahead, IDEXX raised its earnings per share forecast for full year 2009, which is above Street view and also provided guidance for fiscal 2010.

The Westbrook, Maine-based company's net income for the third quarter increased to $31.54 million or $0.52 per share from $25.7 million or $0.42 per share in the previous year. On average, 7 analysts polled by Thomson Reuters expected the company to report earnings of $0.45 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter grew to $259.12 million from $251.09 million in the same quarter last year. Analysts estimated revenues of $253.17 million for the quarter. Organic revenue growth was 5%, which excludes the impact of changes in currency exchange rates that reduced revenue growth by about 2%, and also revenue from businesses acquired or divested subsequent to the beginning of last year.

Segment-wise, revenues from Companion Animal Group or CAG increased to $214.46 million from $204.76 million in the year earlier. Revenues from Water segment decreased to $19.69 million from $20.32 million in the prior year, due to the unfavorable impact of changes in foreign currency exchange rates, which reduced reported revenue by 3%, the company said.

Production Animal segment or PAS revenues were $15.94 million, down from $17.8 million in the preceding year. Changes in foreign currency exchange rates unfavorably impacted revenue by about 3%. Organically, PAS revenue declined due primarily to lower sales volumes. Other revenues increased to $9.02 million from $8.21 million in the year-ago quarter.

Jonathan Ayers, chief executive officer said, "Our international performance was a highlight of the quarter, particularly in Asia where we have experienced organic growth of 17% year-to-date, driven by more than 20% organic growth in the last two quarters. All of our major lines of business are present in the region, and we believe that some of our most attractive growth opportunities are found in Asia as well as other international markets."
International revenues increased to $102.04 million from $99.65 million in the previous year. Income from operations increased to $44.2 million from $39 million a year ago.

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