(ILMN) - new consensus estimate calls for full-year GAAP profits of 42 cents per share, versus just 15 cents per share a week ago

Illumina (ILMN) spiked to a new 52-week high in response to strong earnings and very bullish guidance. Earlier this week, the company surpassed expectations and materially raised its projections for full-year earnings. Investors reacted by pushing the stock up by nearly 30%. Looking forward, the company expects non-GAAP income to reach 61 to 82 cents per share. The forecast represents a material revision over previous guidance for non-GAAP earnings of 26 to 43 cents per share. The non-GAAP numbers exclude non-cash stock compensation, which ILMN anticipates totaling 27 to 31 cents per share this year. Analysts quickly reacted to the bullish news by raising their forecasts. The new consensus estimate calls for full-year GAAP profits of 42 cents per share, versus just 15 cents per share a week ago. Two months ago, analysts were expecting just 11 cents per share. The strong second-quarter results and bullish revisions to full-year estimates have propelled the stock higher. Shares of ILMN have spiked 28% since Tuesday, rising to their highest price since November 2000. The upward move has occurred on strong volume, which suggests conviction on the part of buyers. ILMN does not have any pre-established resistance until $44. Background ILMN generated second-quarter GAAP profits of 14 cents per share, blowing away expectations for three cents per share and extending a streak of positive earnings surprises. Revenues soared 163% to $41.6 million thanks to strong demand for the company's genetic variation and function analysis tools. Illumina has increased revenues for 20 consecutive quarters. Note: The Zacks Rank is a very sensitive indicator that can change frequently for an individual stock. This important indicator is updated daily on Zacks.com and is available to Zacks Premium subscribers. As such, it is prudent to check the site for the latest Zacks Rank on the stocks highlighted in this section. Simply click the link for the stock or enter the symbol in the ticker entry box in the upper left hand corner of the web site. Content Courtesy: Zacks Investment Research #1 Ranked Stocks Highlight Archive To truly take advantage of the Zacks Rank, you need to first understand how it works. That is why we created the free special report: Zacks Rank Guide: Harnessing the Power of Earnings Estimate Revisions. Blog Home