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MWI Veterinary sees 33 pct rise in net income

Fri, 05/07/2010 - 7:30am
The Associated Press

MWI Veterinary Supply Inc. said its fiscal second-quarter net income jumped 33 percent, as the acquisition of Centaur Services Ltd. helped boost revenue.

The Meridian, Idaho, company said it earned $7.7 million, or 62 cents per share, in the three months that ended March 31. That compares with $5.8 million, or 47 cents per share, in the same quarter last year.

Total revenue rose 34 percent to $286.6 million.

Analysts polled by Thomson Reuters expected, on average, earnings of 50 cents per share on $261.4 million in revenue.

MWI said slightly more than half of its revenue increase came from U.S. sales growth. The rest came from Centaur, which supplies animal health products to United Kingdom veterinarians. MWI acquired Centaur Feb. 8.

MWI also raised its earnings forecast for the fiscal year, which ends Sept. 30. It now expects earnings of $2.40 to $2.45 per share. In February, the company said it expected earnings of $2.26 to $2.32 per share.

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