IDEXX Laboratories beats the street on revenue and earnings
IDEXX Laboratories (Idexx) is the world’s largest pet health equipment maker. This segment is the fastest growing when it comes to discretionary pet spending worldwide, and Idexx holds 40% of the market. On Tuesday the company released its second quarter earnings, showing a beat against analysts’ expectations for earnings and revenue. Idexx reported earnings per share of $0.87, beating out forecasts of $0.85, and posted revenue of $508.9 million for the period. Analysts had expected revenues of $502.4.
These figures didn’t only beat the consensus estimates – they also beat Idexx’s comparables from the previous year. During the same quarter in 2016, Idexx posted earnings per share of $0.74, while the company’s revenue was up by 9.1%, year over year. Accordingly, the company raised its full year guidance for both figures. It now expects earnings per share in a range of $3.12 to $3.22 from the previous $2.95 to $3.11 range. For revenue, the company expects to bring in $17.5 million more (at midpoint) in 2017 than its previous guidance allowed for.
Idexx’s share price is up by 32% in 2017 so far
SOURCE: Yahoo Finance
The company’s CEO, Jonathon W. Ayers, said that Idexx had had a “strong quarter with constant-currency revenue and EPS gains and an outlook for the year that is at the high end of our long-term growth books.” He added that “this reflects continued strong market growth and outstanding execution by our teams with our highly impactful direct sales coverage model, driving an even higher growth for our business. Also the weaker dollar provides a tailwind as we’re a net exporter of technology products.”
Dominion holds IDEXX Laboratories in its Global Trends Managed Fund.
If you would you like to receive the Newsfeeds daily, please click here to sign up now!Help us make this Newsfeed better by rating this article. 1 star = Poor and 5 stars = Excellent
- Click here to print this story: Print
The views expressed in this article are those of the author at the date of publication and not necessarily those of Dominion Fund Management Limited. The content of this article is not intended as investment advice and will not be updated after publication. Images, video, quotations from literature and any such material which may be subject to copyright is reproduced in whole or in part in this article on the basis of Fair use as applied to news reporting and journalistic comment on events.