Idexx reports 16 percent rise in fourth-quarter earnings

WESTBROOK – Idexx Laboratories Inc., which makes diagnostic products for veterinarians and tests for livestock and poultry, said its fourth-quarter earnings rose 16 percent.

The Westbrook-based company said net income totaled $43.4 million for the last quarter of 2012. That equaled 78 cents a share, compared with $38 million, or 67 cents a share, a year ago. Revenues rose to $319.5 million from $307.2 million a year ago.

While Idexx posted better-than-expected fourth-quarter earnings, its quarterly revenue was slightly lower than expected, analysts said.

Revenue in Idexx’s pets group totaled $263.5 million, up from $251.3 million a year ago. In the water-testing business, revenues rose slightly, to $20.9 million from $20 million a year ago.

Sales in the livestock and poultry-diagnostics business fell 4 percent, to $22.6 million from $24.1 million, because of lower sales of certain bovine tests due to reduced government testing programs in Europe.

For 2013, the company said it expects revenues in the range of $1.405 billion to $1.42 billion, a rise of 8.5 percent to 9.5 percent. Earnings per share are expected to be in the range of $3.47 to $3.57, up from previous guidance of $3.37 a share to $3.47 a share. The increase is expected because of the federal research and development tax credit, the company said.

Dow flirts with 14,000, ends at highest level in five years

NEW YORK – The Dow Jones industrial average didn’t crack 14,000 on Tuesday but it still closed at its highest level in more than five years.

The Dow Jones industrial average rose 73 points to close at 13,954.42 points, ending higher for the seventh day in eight. The Standard and Poor’s 500 also rose, adding eight points to 1,507.84 points. The Nasdaq composite dropped less than a point to 3,153.66.

The January rally looked as if it was running out of steam on Monday, but Tuesday the numbers resumed their ascent. Demand was bolstered at the start of the year after lawmakers reached a deal to avoid the so-called “fiscal cliff” and was sustained by reports confirming the U.S. housing market is recovering and the jobs market is slowly healing.

The Dow is 6.5 percent higher this month and the S&P is up 5.7 percent. Both indexes are at their highest levels in more than five years.

As OPEC cuts oil production, more tankers end up idle

LONDON – OPEC’s deepest output cut since the global recession in 2008 is creating the biggest surplus of oil tankers in the Persian Gulf in at least three years and lowering earnings for ship owners.

The Organization of Petroleum Exporting Countries reduced daily supply by almost 1 million barrels in the four months through December, equal to one fully loaded supertanker every two days, data compiled by Bloomberg show. Saudi Arabia, Iran and Iraq led the retreat, leaving 24 percent more ships than cargoes in the world’s largest oil-producing region, the most for the time of year since at least 2010, according to weekly surveys of shipbrokers and owners by Bloomberg.

Output is now falling as the U.S. meets the highest proportion of its own needs in two decades.