Friday, IDEXX Laboratories Inc. (IDXX) said its third-quarter net income rose to $31.53 million or $0.52 per share from $25.69 million or $0.42 per share in the prior year period. On average, 7 analysts polled by Thomson Reuters expected the company to report earnings of $0.45 per share for the quarter.
Revenues for the quarter were $259.1 million compared with $251.1 million in the comparable period. Analysts estimated revenues of $253.17 million for the quarter.
For fiscal 2009, the company now expects earnings per share to be in the range of $1.92 - $1.95, an increase from the previous range of $1.88 - $1.92, reflecting the anticipated currency benefits, third quarter tax benefits from the expiration of certain statutes of limitation and projected lower operating expenses. Revenues for the year are still expected to be around $1.02 billion. Eight analysts estimate earnings of $1.90 per share and seven analysts estimate revenues of $1.02 billion for fiscal 2009.
For fiscal 2010, earnings per share are expected to be in the range of $2.15 - $2.25. Revenue for the year is expected to be in the range of $1.08 billion - $1.1 billion, which represents revenue growth of 6% - 8% compared to projected revenue for 2009. Revenue growth adjusted to exclude a projected 2% benefit from foreign exchange rate changes is estimated to be in the range of 4% to 6%.
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