Charles River Laboratories Reaffirms FY24 Outlook; Q1 Results Top Estimates

(RTTNews) - While reporting financial results for the first quarter on Thursday, Charles River Laboratories International, Inc. (CRL) reaffirmed its adjusted earnings, revenue growth and organic revenue growth guidance range for the full-year 2024.

For fiscal 2024, the company now projects earnings in the range of $7.60 to $8.10 per share and adjusted earnings in the range of $10.90 to $11.40 per share on revenues growth of 1.0 to 4.0 percent, with organic revenues growth of flat to 3.0 percent.

Previously, the company expected earnings in the range of $7.90 to $8.40 per share and adjusted earnings in the range of $10.90 to $11.40 per share on revenues growth of 1.0 to 4.0 percent, with organic revenues growth of flat to 3.0 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $11.02 per share on revenue growth of 2.13 percent to $4.22 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 $67.33 million or $1.30 per share, lower than $103.13 million or $2.01 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $2.27 per share, compared to $2.78 per share in the year-ago quarter.

Total revenue for the quarter decreased 1.7 percent to $1.01 billion from $1.03 billion in the same quarter last year. Organic revenue declined 3.3 percent.

The Street was looking for earnings of $2.07 per share on revenues of $992.27 million for the quarter.

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