Illumina Q3 Results Trounce Estimates; Boosts FY14 Outlook

(RTTNews) - Illumina, Inc. (ILMN) reported net income for the third quarter of $93 million or $0.63 per share, compared to $31 million or $0.22 per share for the year-ago quarter.

Excluding items, adjusted net income for the third quarter was $114 million or $0.77 per share, compared to $63 million or $0.45 per share in the prior year quarter.

Revenue for the third quarter rose 35% to $480.63 million from $356.80 million a year ago.

Analysts polled by Thomoson Reuters expected the company ot earn $0.56 per share on revenue of $451.20 million for the third quarter. Analysts' estimates typically exclude special items.

As a result of strong year-to-date results, the company raised its full year 2014 guidance to revenue growth of about 30% year-over-year and adjusted earnings of $2.63 to $2.65 per share. previously, the company expected adjusted earnings of $2.26 to $2.28 per share and revenue growth of 25% to 26%. Analysts currently expect the company to earn $2.30 per share on revenue growth of 26.90% for the full year 2014.