Idexx Laboratories' third-quarter earnings climbed 11 percent as its animal group business and foreign exchange rates boosted revenue, the company said Friday.
The Animal diagnostic and health care product company, based in Westbrook, Maine, also raised its net income forecast for 2011.
Idexx earned $38.5 million, or 66 cents per share, in the three months that ended Sept. 30. That compares to earnings of $34.7 million, or 59 cents per share, in the same quarter last year. Revenue rose 12 percent to $300.9 million.
Analysts surveyed by FactSet expected, on average, earnings of 65 cents per share on $295.6 million in revenue.
Companion animal group sales climbed 11 percent to $248.1 million, due mainly to growth in its reference laboratory diagnostic and consulting services and instrument and consumables businesses. Livestock and poultry diagnostics revenues in the quarter climbed 18 percent to $20.7 million.
Idexx also said foreign currency exchange rates contributed about 4 percent to revenue growth.
The company's cost of revenue rose 12 percent to $142.3 million, and other expenses climbed as well. Research and development costs rose 13 percent. Selling, general and administrative expenses climbed 11 percent to $83.2 million, also due to foreign currency exchange rates.
Idexx now expects 2011 earnings of $2.71 to $2.74 per share, up from previous guidance of $2.68 to $2.73 per share. It also forecast revenue of about $1.22 billion. Analysts expect, on average, earnings of $2.73 per share on revenue of $1.21 billion.
For 2012, Idexx Laboratories Inc. forecasts earnings of $3 to $3.10 per share on revenue ranging from about $1.3 billion to $1.32 billion. Analysts expect earnings of $3.07 per share on revenue of nearly $1.3 billion.