MWI Veterinary Supply 1Q results top Street's view

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Associated Press

Posted on February 4, 2013 at 7:01 PM

Updated Monday, Feb 4 at 7:01 PM

BOISE, Idaho (AP) — MWI Veterinary Supply Inc.'s fiscal first-quarter net income climbed 27 percent, lifted by increased online sales and higher revenue from veterinary pharmacy programs.

The animal health products company's performance topped analysts' estimates, and it also raised its full-year earnings and revenue forecasts. The stock rose to an all-time high on Monday.

For the period ended Dec. 31, MWI earned $16.8 million, or $1.32 per share. That compares with $13.2 million, or $1.05 per share, a year ago.

Analysts polled by FactSet expected earnings of $1.19 per share.

Revenue increased 24 percent to $572.8 million from $461.9 million. Wall Street forecast $531.2 million in revenue.

Online sales to independent veterinary practices and producers in the U.S. climbed about 31 percent, while revenue from the nation's veterinary pharmacy programs increased approximately 23 percent.

For 2013, MWI now anticipates earnings between $4.73 and $4.87 per share. Revenue is predicted in a range of $2.31 billion to $2.36 billion. The company's previous guidance was for earnings between $4.66 and $4.80 per share on revenue in a range of $2.29 billion to $2.34 billion.

Analysts expect earnings of $4.75 per share on revenue of $2.33 billion.

Shares of MWI gained $8.31, or 7.2 percent, to $123.81 in afternoon trading. The stock touched an all-time high of $125.25 earlier in the session.

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