MWI Veterinary Supply revenues, profits rise

May 2, 2013 

— MWI Veterinary Supply's revenues reached $563.1 million in the first quarter, 11 percent higher than the first quarter of 2012, the company said Thursday.

Net income rose 14.6 percent to $15.1 million. Earnings per share rose to $1.19, up 15 cents from the year-earlier period.

"Our results for the quarter were impressive in spite of some of the challenging economic conditions in the animal health industry," said Jim Cleary, president and CEO. "Our revenue growth was strong and our gross profit as a percentage of total revenues exceeded our expectations."

The company said its Internet sales to independent veterinary practices and producers in the United States grew 22 percent.

MWI estimates revenues will be between $2.32 and $2.36 billion for the fiscal year ending Sept. 30.

The company sells animal health products such as pharmaceuticals, vaccines and nutritional products in the U.S. and United Kingdom for pets and farm animals.

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