WESTBROOK, Maine (AP) -- Idexx Laboratories' net income rose 7 percent in the third quarter on growing revenue from its companion animal testing business.
Idexx provides diagnostic services to veterinarians and test for the quality and safety of water and milk. The company said revenue from the companion animal business climbed 8 percent, while revenue from water testing and testing on livestock and poultry and dairy products ticked higher.
Idexx's net income increased to $45.7 million, or 86 cents per share, from $42.9 million, or 76 cents per share. Revenue grew 7 percent, to $338.3 million from $315.5 million.
Analysts were expecting net income of 83 cents per share and $339.8 million in revenue, according to FactSet.
Revenue from the company's companion animal unit rose to $283.8 million. Water revenue edged up to $23.2 million from $22.2 million and revenue from livestock, poultry and dairy unit to $25.1 million from $24.7 million.
Idexx Laboratories Inc. raised its net income forecast for the year, saying it expects to report a profit of $3.44 to $3.48 per share. Its previous estimate called for $3.42 to $3.46 per share. It is now projecting $1.37 billion in revenue, compared to a broader range of $1.37 billion to $1.38 billion.
Analysts are anticipating net income of $3.47 per share and $1.37 billion on average.
The company said it expects to earn between $3.76 and $3.86 per share in 2014, while revenue will range from $1.48 billion to $1.5 billion.
Analysts expect $3.83 per share and $1.47 billion in revenue.
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