IDEXX Lab: Tax Legislation To Result In One-time Reduction In Earnings

(RTTNews) - IDEXX Laboratories, Inc. (IDXX) announced the recently passed Tax Cuts and Jobs Act will result in a one-time reduction of approximately $35 million - $45 million in the company's earnings for the fourth quarter and year ended December 31, 2017, due to the deemed repatriation of the foreign profits, net of the remeasurement of U.S. deferred taxes at the lower enacted corporate tax rate and other adjustments.

IDEXX expects the enactment of the Tax Legislation to benefit the company by reducing its recurring effective tax rate beginning in 2018 by approximately 750-850 basis points.