UPDATE 1-Idexx Labs Q3 beats estimates, raises '10 profit view

Fri Oct 22, 2010 8:03am EDT

* Q3 EPS $0.59 vs. est $0.55

* Q3 rev up 4 pct at $269.6 mln vs. est $270.7 mln

* Raises 2010 EPS view

* Sees 2011 EPS of $2.55-$2.65 vs. est $2.55

Oct 22 (Reuters) - Veterinary products maker Idexx Laboratories Inc (IDXX.O) posted a better-than-expected quarterly profit on better margins, and raised its 2010 earnings view, citing tax and currency benefits.

The company, which also makes food and water testing products, forecast 2011 earnings broadly above market estimates.

For the July-September quarter, the company earned $34.7 million, or 59 cents a share, compared with $31.5 million, or 52 cents a share, in the year-ago period. [ID:nASA00VDX]

Revenue for the quarter rose 4 percent to $269.6 million.

Analysts on average expected the company to earn 55 cents a share, on revenue of $270.7 million, according to Thomson Reuters I/B/E/S.

For 2010, the company now expects earnings of $2.28-$2.31, up from its previous outlook of $2.23-$2.28, reflecting currency and tax benefits. Revenue is expected to be about $1.10 billion.

For 2011, Idexx sees a profit of $2.55-$2.65 a share, compared with analysts' estimate of $2.55.

The company's shares, which have gained about 2 percent since its second-quarter results in June, closed at $62.46 Thursday on Nasdaq. (Reporting by Esha Dey and Krishnakali Sengupta in Bangalore; Editing by Jarshad Kakkrakandy)

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