Charles River Laboratories Updates 2023 Guidance

(RTTNews) - Charles River Laboratories International, Inc. (CRL) said it is updating 2023 financial guidance. The company is narrowing its revenue growth and non-GAAP earnings per share outlooks to largely reflect solid first-half financial performance and the successful implementation of mitigation efforts around NHP supply constraints.

For 2023, the company now expects non-GAAP EPS in a range of $10.30 - $10.90, revised from prior guidance range of $9.90 - $10.90. GAAP EPS is now estimated in a range of $7.60 - $8.20, revised from prior estimate of $7.45 - $8.45. Revenue growth, organic, is now expected in a range of 5.5% - 7.5%, updated from prior outlook of 5.0% - 7.5%.

On a GAAP basis, second-quarter net income attributable to shareholders was $97.0 million, a decrease of 11.3% from last year. Earnings per share were $1.89, a decrease of 11.3% from $2.13. On a non-GAAP basis, net income was $138.3 million, a decrease of 2.5%. Earnings per share on a non-GAAP basis were $2.69, a decrease of 2.9% from $2.77. On average, 13 analysts polled by Thomson Reuters expected the company to report profit per share of $2.64, for the quarter. Analysts' estimates typically exclude special items.

Second quarter revenue was $1.06 billion, an increase of 8.9% from $973.1 million, previous year. Analysts on average had estimated $1.05 billion in revenue.

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