Idexx net income up 5.3% in 2013
Fourth quarter net income for Idexx Laboratories Inc. was flat compared with the same period last year, but beat analyst expectations for earnings per share by one cent, at $0.82 per share. For the full year, the company reported net income of $187.8 million, an increase of 5.3% from last year.
While fourth quarter net income was flat, the company reported higher revenues for the period, rising 11% to $354.1 million. CEO Jonathan Ayers said in an earnings statement that the company’s companion animal diagnostic products led revenue growth for the year, with more than 12% growth to $293.6 million from $263.5 million in 2012. The company saw more modest percentage increases in its smaller water and livestock, poultry and dairy divisions.
For 2014, the company projected revenue of $1.48 billion to $1.50 billion, growth of 7.5% to 8.5% higher than the 2013 year-end revenue of $1.38 billion.
Shares of Idexx (IDXX) were trading around $114.50 per share this morning, up about 5% from the opening bell.
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