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May 29, 2017
Biz Money

Maine public companies off to strong start in Q1

A sampling of the financial performance of selected Maine public companies shows they're continuing strong performance in the first quarter.

IDEXX: Results worth wagging tails

IDEXX Laboratories Inc. (NASDAQGS: IDXX), the Westbrook-based provider of diagnostic tests for pets, poultry and livestock, saw revenue rise 11% over the first quarter of 2016 to $462 million for the quarter ended March 31. Earnings per share were up 51% to $0.77.

On March 20 the company joined the NASDAQ-100 Index (Nasdaq: NDX), the NASDAQ-100 Equal Weighted Index (Nasdaq: NDXE), and the NASDAQ-100 Ex Technology Index (Nasdaq: NDXX).

Companion Animal Group sales helped drive the first quarter's revenue growth, with various parts of the group seeing 13% to 16% revenue growth.

The company raised its guidance for this full year by 7.5% to 11%, or about $15 million to $1.925 million to $1.950 million.

WEX: Truckin' along

WEX Inc. (NYSE: WEX), a South Portland-based provider of corporate payment solutions, saw revenue for the first quarter ended March 31 rise 41% to $291.4 million over the same quarter last year. Earnings per share were up 26% to $1.23.

During the quarter, higher fuel prices positively impacted revenue by $15.4 million compared to the prior year period. WEX said the impact of foreign currency translation was not material.

Moo-ving through the field

Portland-based bovine health company ImmuCell Corp. (NasdaqCM: ICCC) hit record sales of $3.5 million in the first quarter, up 19% over the prior year's quarter. Net income of 12 cents per share was up 9% over last year.

Bank assets, revenues add up

Camden National Corp. (NasdaqGS: CAC), the largest Maine-chartered bank, reported revenue of $41 million, down 5%, but earnings per share rose 14% to 64 cents. Commercial loan volume rose 4% for the quarter to $45.7 million, and residential mortgage originations increased $17.1 million, or 2%.

Northeast Bancorp of Lewiston (NASDAQGM: NBN) reported net income of $3.5 million, up 94% from a year ago. Earnings per share were up 105% to 39 cents per share.

The First Bancorp Inc. (NASDAQGS: FNLC) had total assets of $11.89 million in the first quarter, down 6.4%, but 43 cents in earnings per share, up 2.4%.

And Bar Harbor Bankshares Inc. (NYSE: BHB) had $17.49 million in revenue, up 19.3%, and earnings per share of 29 cents, down almost 41% from the fourth quarter of 2016.

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