IDEXX Labs. Q3 Profit Grows; Lifts 2014 Adj. EPS View - Quick Facts

(RTTNews) - IDEXX Laboratories, Inc. (IDXX) posted higher net income attributable to stockholders of $52.14 million, or $1.03 per share in the third quarter of 2014, versus the year-ago period's $45.69 million, or $0.86 per share. Adjusted earnings per share for the quarter amounted to $1.05. On average, 4 analysts polled by Thomson Reuters expected earnings of $0.90 per share for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the third quarter of 2014 increased by 13% year-on-year to $384 million from $338.3 million. Analysts estimated revenues of $371.32 million for the quarter. Quarterly organic revenue growth versus the prior-year period was also 13%, or 11% normalized for changes in distributor inventory, the company noted.

Looking ahead, according to the company, favorable operating performance, reduced tax expense, and a reduction in outstanding shares are partially offset by unfavorable impacts of foreign exchange, led to an increase from its previous adjusted EPS guidance of $3.79 - $3.86 to its present adjusted EPS guidance of $3.85 - $3.90 for 2014. Four analysts anticipate 2014 earnings per share of $3.82. The recent strengthening of the US dollar is projected to reduce reported revenues and EPS by around $10 million and $0.04, respectively, as compared with its prior 2014 target.

The company has also updated its organic revenue growth guidance for 2014 to 9.5% to reflect growth trends at the high end of its previous guidance range.

For 2015, IDEXX' preliminary outlook was for 13% to 14% normalized organic revenue growth and $4.38 - $4.48 of adjusted earnings per share. Five analysts project 2015 earnings of $4.33 per share.