Charles River Labs Boosts FY23 Outlook As Q2 Results Top Estimates

(RTTNews) - While reporting financial results for the first quarter on Thursday, Charles River Laboratories International, Inc. (CRL) raised its adjusted earnings, revenue growth and organic revenue growth guidance for the full-year 2023, to reflect the strong first-quarter financial performance and expectations for the remainder of the year that are largely consistent with its initial outlook.

For fiscal 2023, the company now projects earnings in the range of $7.45 to $8.45 per share and adjusted earnings in the range of $9.90 to $10.90 per share on revenues growth of 2.0 to 4.5 percent, with organic revenues growth of 5.0 to 7.5 percent.

Previously, the company expected earnings in the range of $7.40 to $8.60 per share and adjusted earnings in the range of $9.70 to $10.90 per share on revenues growth of 1.5 to 4.5 percent, with organic revenues growth of 4.5 to 7.5 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $10.24 per share on revenue growth of 2.80 percent to $4.09 billion for the year. Analysts' estimates typically exclude special items.

For the first quarter, the company reported the net income attributable to common shareholders of $103.13 million or $2.01 per share, higher than $93.02 million or $1.81 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $2.78 per share, compared to $2.75 per share in the year-ago quarter.

Total revenue for the quarter increased 12.6 percent to $1.03 billion from $913.93 million in the same quarter last year. Organic revenue growth was 15.4 percent.

The Street was looking for earnings of $2.59 per share on revenues of $986.35 million for the quarter.

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