UPDATE: Idexx Laboratories Posts Upbeat Q1 Profit, Raises Forecast

Idexx Laboratories Inc

reported a better-than-expected first-quarter profit and lifted its target for the full year. Idexx Laboratories' quarterly earnings surged to $40.7 million, or $0.72 per share, versus $36.6 million, or $0.62 per share, in the year-ago period. Its revenue climbed 10% to $322.7 million. Revenue at its companion animal group business surged 10%. Analysts were expecting earnings of $0.71 per share on revenue of $314.2 million. Idexx Laboratories expects 2012 earnings of $3.07 to $3.12 per share, on revenue of $1.31 billion to $1.32 billion. However, analysts were projecting earnings of $3.07 per share on revenue of $1.30 billion. Idexx Laboratories shares closed at $88.18 yesterday.