February 5, 2010

MWI Veterinary Supply Q1 profit above expectations

Animal health products distributor MWI Veterinary Supply Inc posted a better-than-expected quarterly profit, helped by higher revenue from its companion animal products segment, and raised its 2010 earnings view.

For the first quarter ended December 31, the company reported net income of US$7.8 million, or 63 cents a share, compared with US$5.9 million, or 48 cents a share, a year ago. Revenue rose 2% to US$236.1 million.

Analysts on average expected earnings of 50 cents a share, on revenue of US$248.6 million.

The company forecast fiscal 2010 earnings of US$2.26-US$2.32 a share, on sales of US$1 billion-US$1.04 billion. The company had earlier forecast earnings of US$2.15 -US$2.23 a share.

Analysts on average were expecting earnings of US$2.20 a share, on revenue of US$1.03 billion.