IDEXX Laboratories beats the street on earnings in third quarter
IDEXX Laboratories is a developer, manufacturer and distributor of products and services aimed at the veterinary market (for pets, livestock, and more). This week, it released third quarter earnings that beat Wall Street estimates. The company was expected to earn 75¢ per share, but reported a figure of 79¢. This not only beat analysts’ expectations, but came in 27% above the year-ago quarter. This was offset – though only partially – by a 0.43% miss on revenue: analysts expected $494 million, the company reported $491.9 million. However, this is still a 9.7% rise, year on year.
IDEXX Laboratories’ share price is up by 31% so far this year
SOURCE: Yahoo Finance
Jonathan David Block, managing director at Stifel, Nicolaus, & Co. (which owns a stake in IDEXX Laboratories) was present on the earning call. Putting the results in context, he said:
“I'm very, very pleased with our continued progress in expanding our business in the third quarter, reflected in strong CAG recurring growth and expansion of our premium instrument platforms, while delivering strong margin gains, keeping us on track towards our long-term goal of 15% to 20% comparable constant currency EPS growth.”
The company now expects revenue growth between 10% and 10.5% for the full year, and adjusted earnings in the range of $3.22 to $3.26 per share.
Dominion holds IDEXX Laboratories in its Global Trends Luxury Fund.
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