IDEXX Laboratories (NASDAQ:IDXX) Releases Quarterly Earnings Results, Beats Estimates By $0.11 EPS

IDEXX Laboratories (NASDAQ:IDXX) released its earnings results on Thursday. The company reported $2.80 earnings per share for the quarter, topping analysts’ consensus estimates of $2.69 by $0.11, Briefing.com reports. The business had revenue of $975.50 million for the quarter, compared to analyst estimates of $980.32 million. IDEXX Laboratories had a net margin of 22.34% and a return on equity of 57.03%. The business’s revenue was up 6.6% on a year-over-year basis. During the same period last year, the company posted $2.53 EPS. IDEXX Laboratories updated its FY 2024 guidance to 10.370-10.530 EPS and its FY24 guidance to 10.37-10.53 EPS.

IDEXX Laboratories Stock Up 2.5 %

Shares of IDEXX Laboratories stock traded up $10.36 during trading on Friday, hitting $417.28. 994,132 shares of the stock were exchanged, compared to its average volume of 490,774. The stock has a market cap of $34.35 billion, a price-to-earnings ratio of 41.69, a price-to-earnings-growth ratio of 3.94 and a beta of 1.33. The firm’s 50-day moving average price is $480.17 and its 200 day moving average price is $487.66. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.37 and a quick ratio of 1.03. IDEXX Laboratories has a 12-month low of $395.37 and a 12-month high of $583.39.

Analysts Set New Price Targets

IDXX has been the topic of several recent analyst reports. BTIG Research initiated coverage on shares of IDEXX Laboratories in a report on Thursday, July 25th. They issued a “buy” rating and a $580.00 target price on the stock. Piper Sandler decreased their price target on IDEXX Laboratories from $600.00 to $520.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 14th. StockNews.com cut IDEXX Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday, July 10th. Stifel Nicolaus decreased their target price on shares of IDEXX Laboratories from $510.00 to $500.00 and set a “hold” rating on the stock in a research report on Thursday, October 10th. Finally, JPMorgan Chase & Co. dropped their price target on shares of IDEXX Laboratories from $630.00 to $575.00 and set an “overweight” rating for the company in a research report on Friday, October 11th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $574.13.

About IDEXX Laboratories

IDEXX Laboratories, Inc develops, manufactures, and distributes products primarily for the companion animal veterinary, livestock and poultry, dairy, and water testing markets in Africa, the Asia Pacific, Canada, Europe, Latin America, and internationally. The company operates through three segments: Companion Animal Group; Water Quality Products; and Livestock, Poultry and Dairy.