Idexx grows net income 6.6% in Q3
Veterinary diagnostics company Idexx Laboratories Inc. announced higher third-quarter profits Tuesday, but the company's stock fell slightly in morning trading as revenue projections fell below analysts’ estimates.
In its earnings statement, the company reported that it took in $45.7 million in net income in the third quarter of 2013, compared with $42.9 million during the same period last year. The company also reported an increase in gross profit of 8.9%, from $170.6 million last year to $185.8 million this year.
The company’s total revenue of $338.3 million amounted to a 7.2% increase over last year, but fell just short of consensus reports projecting the company would bring in closer to $340 million for the third quarter of 2013.
The company reported revenue increases across its companion animal, water, livestock, poultry and dairy groups, with the strongest performance in its companion animal group. That division of the company saw revenues increase from $262.4 million in the third quarter of last year to $283.8 million this year. Revenue for the company’s water division increased $1 million, to $23.2 million, and the livestock, poultry and dairy division increased slightly during the same time period, from $24.7 million to $25.1 million.
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