NEW YORK—Shares of Illumina Inc. reached an all-time high Wednesday morning after the genetic analysis company reported greater profit and revenue than analysts expected in its second quarter, and raised expectations for the year.
The San Diego company's profit and revenue both grew 66 percent in the June quarter and easily surpassed Wall Street estimates. Illumina raised its full-year profit forecast to a range of $1.65 to $1.75 per share, and lifted its revenue outlook above analysts' expectations, to between $550 million and $560 million.
Thomson Financial reports that analysts expected a profit of $1.21 per share on revenue of $535.5 million, on average.
The company also said its board approved a 2-for-1 stock split, which is subject to shareholder approval.
The stock rose $4.42, or 5.3 percent, to $88.52 in morning trading, and peaked at $92.50. That was its highest price since the stock began trading in July 2000.
Cowen and Co. analyst Doug Schenkel said the company reported strong quarterly sales of consumables such as disposable products for use with the Genome Analyzer system. Schenkel said sales of the Genome Analyzer II could be better than expected in the second half of the year.
Lehman Brothers analyst Charles Butler said higher sales and prices allowed the array business to beat expectations, and demand for genome association products is strong.
Ross Muken of Deutsche Bank, who names the stock a top pick, said record quarters are "starting to become typical for Illumina." He raised his price target to $125 from $108.
