Charles River Laboratories Narrows FY23 Outlook Range; Q3 Results Top Estimates

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(RTTNews) - While reporting financial results for the first quarter on Thursday, Charles River Laboratories International, Inc. (CRL) narrowed its earnings, adjusted earnings, revenue growth and organic revenue growth guidance range for the full-year 2023.

For fiscal 2023, the company now projects earnings in the range of $7.30 to $7.50 per share and adjusted earnings in the range of $10.50 to $10.70 per share on revenues growth of 2.5 to 3.5 percent, with organic revenues growth of 5.5 to 6.5 percent.

Previously, the company expected earnings in the range of $7.60 to $8.20 per share and adjusted earnings in the range of $10.30 to $10.90 per share on revenues growth of 2.5 to 4.5 percent, with organic revenues growth of 5.5 to 7.5 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $10.54 per share on revenue growth of 4.10 percent to $4.14 billion for the year. Analysts' estimates typically exclude special items.

For the third quarter, the company reported the net income attributable to common shareholders of $87.39 million or $1.69 per share, lower than $96.47 million or $1.88 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $2.72 per share, compared to $2.63 per share in the year-ago quarter.

Total revenue for the quarter increased 3.8 percent to $1.03 billion from $989.16 million in the same quarter last year. Organic revenue growth was 4.1 percent.

The Street was looking for earnings of $2.37 per share on revenues of $1.0 billion for the quarter.

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