WESTBROOK, Maine (AP) -- Idexx Laboratories' profit grew 11 percent in the first quarter, and the veterinary equipment maker raised its expectations for the full year Friday.
Net income for the quarter reached $40.7 million, or 72 cents per share. It earned $36.6 million, or 62 cents per share, in the first quarter of 2011. Revenue climbed 10 percent, to $322.7 million from $292.7 million.
Analysts expected the company to report a profit of 71 cents per share on revenue of $314.5 million, according to FactSet.
The revenue gains were led by the pet care business, which rose 11 percent to $268.1 million on increased revenue from greater diagnostic and consulting services and greater instrument and consumables revenue. Sales from the company's livestock and poultry unit slipped to $22.2 million from $23.9 million. Idexx said revenue from sales of mad cow disease tests decreased after European authorities changed testing requirements.
Revenue from its water business rose to $19.6 million from $19 million, and other revenue increased to $12.8 million from $9.2 million.
The company said it now expects to report a profit of $3.07 to $3.12 per share in 2012 on revenue of $1.31 billion to $1.32 billion. Previously Idexx had forecast a profit of $3.04 to $3.10 per share and revenue of $1.3 billion to $1.31 billion.
Analysts are projecting income of $3.08 per share and $1.3 billion in revenue on average.
Shares of Idexx Laboratories Inc. rose 42 cents to $88.60 in afternoon trading.