Idexx Labs raises 2008 profit forecast

Animal products and water purity test maker Idexx Laboratories Corp. raised its annual profit forecast Friday, although it narrowed revenue expectations.

Idexx said it now expects to earn between $1.89 and $1.92 per share for the year, up from a forecast of $1.84 to $1.87 per share in April. The new forecast includes one-time tax benefits, and without those benefits, profit is expected to be between $1.87 and $1.90 per share.

The company trimmed its revenue forecast range to $1.06 billion to $1.07 billion, from $1.06 billion to $1.075 billion.

On average, analysts polled by Thomson Financial expect a profit of $1.85 per share and $1.07 billion in revenue. Analyst estimates usually exclude one-time benefits and charges.

Idexx also reported second-quarter results that were ahead of Wall Street estimates.

In morning trading, the stock fell $2.20, or 4.1 percent, to $52.05.