Illumina Q3 Profit Rises, Lifts FY Outlook; Shares Rise

(RTTNews) - Shares of Illumina Inc. (ILMN) climbed six percent in extended trade on Monday, after reporting an increase in third-quarter profit, driven largely by double-digit revenue growth. Earnings and revenues for the quarter came in ahead of Wall Street estimates. Looking ahead, company raised its earnings and revenue outlook for the full-year 2013.

San Diego, California-based Illumina's third-quarter profit rose to $31.4 million or $0.22 per share from $29.7 million or $0.22 per share a year ago. Earnings were flat on a per share basis on a higher share count for the quarter.

Excluding special gains and charges, earnings for the quarter rose to $62.8 million or $0.45 per share, from $53.5 million or $0.41 per share a year ago. On average, 23 analysts polled by Thomson Reuters expected earnings of $0.40 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter jumped 25 percent to $356.8 million from $285.9 million last year. Analysts expected revenues of $343.56 million for the quarter.

Chief Executive Jay Flatley said, "These results highlight another quarter of solid operational execution and record financial performance. We continue to be pleased with the robust global trends demonstrated by our business and believe we are positioned to continue to deliver strong growth."

Looking forward to the full year 2013, the company currently expect adjusted earnings in the range of $1.75 to $1.77 per share with revenue growth of about 22 percent. Previously, the company expected earnings of $1.68 to $1.72 per share on revenue growth of about 20 percent.

Analysts currently project earnings of $1.72 per share on revenue growth of 20.5 percent for the full year.

ILMN closed Monday's trading at $81.76, up $0.33 or 0.41%, on the Nasdaq. The stock further gained $5.34 or 6.53% in the after-hours trade.