IDEXX Laboratories Inc. said fourth-quarter 2017 earnings declined year over year and raised its profit expectations for 2018.
The Westbrook, Ore.-based diagnostics and information technology company booked $38.3 million, or 43 cents per share, in quarterly profit, down from $52.4 million, or 58 cents per share, in the same quarter of 2016.
The result accounts for a $31 million, or 34 cents per share, charge related to the U.S. tax reform law.
IDEXX generated $506 million in revenues, which compares to $443 million in the corresponding quarter of 2016.
Full-year results
IDEXX booked $263.1 million, or $2.94 per share, in full-year 2017 net income — an increase from $222 million, or $2.44 per share, in 2016.
The company generated $1.97 billion in revenues during the year, which compares to the $1.78 billion generated in 2016.
Moving ahead, the company raised its 2018 earnings expectation to a range of $4.04 to $4.18 on a per-share basis. The company was previously targeting an EPS of $3.50 to $3.62.
