Idexx Laboratories Q3 Profit Surges

(RTTNews) - Idexx laboratories Inc. (IDXX) Tuesday announced a surge in third quarter net income attributable to the company to $56.455 million from $44.23 million a year ago. On a per share basis, earnings grew 29 percent to $0.62 from $0.48 last year. On an adjusted constant currency basis, earnings were up 22 percent before a negative $0.04 per share impact related to net changes in foreign exchange, and excluding a $0.06 per share software impairment charge in the prior year period.

On average, 9 analysts polled by Thomson Reuters expected the company to earn $0.6 per share. Analysts estimates usually exclude special items.

Revenue for the quarter advanced 10 percent to $448.31 million from $406.39 million in the previous year. Wall Street expected the company to record revenue of $448.66 million.

Looking ahead, the company expects 2016 earnings per share to be in a range of $2.35 to $2.39, with year over year growth projection of 15 to 17 percent. On an adjusted basis, earnings for 2016 are expected to grow 11 to 13 percent. Street Analysts expects $2.36 per share on revenue of $1.77 billion.

Revenue for the full year 2016 is projected in a range of $1.763 to $1.773 billion with year over year growth of 10 to 11 percent.

For the full year 2017, the company expects earnings per share in a range of $2.77 to $2.93 per share or 17 to 24 percent year over year. On a constant currency basis, earnings are expected to grow 18 to 25 percent.

Revenue for the full year 2017 is expected in a range of $1.910 to $1.935 billion or 8 to 9.5 percent. Wall Street expects $2.7 per share on revenue of $1.92 billion.