Idexx sees 2Q profit increase
Veterinary diagnostics company Idexx Laboratories Inc. announced higher second-quarter profits Tuesday, exceeding analysts’ expectations, but the company’s stock fell on a revised full-year outlook.
The company reported a 5.2% increase in net income to $54 million, up from $51.3 million for the second quarter of 2012. The company also reported that its earnings per diluted share increased 9% to $0.99 from $0.91 the same quarter last year.
Idexx stock (IDXX) dropped 4.3% by the end of the trading day Tuesday in response to a downward revision of its year-end revenue growth guidance to 6.0% to 6.5% from a previous range of 7.0% to 7.5%.
The company reported increased revenues in its companion animal and water groups. Overall revenues in its livestock, poultry and dairy division fell slightly to $28.3 million from $28.6 million.
Despite Tuesday’s dip, the company’s shares surged 1.6% in trading early Wednesday, reaching a nearly six-month high of $98.33.
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