Charles River Laboratories Updates 2024 Guidance - Update

(RTTNews) - (Adds Outlook)

Charles River Laboratories International, Inc. (CRL) updated financial guidance for 2024. Revenue and non-GAAP earnings per share guidance have been narrowed and slightly raised from the midpoint of the previous ranges to principally reflect the third-quarter financial performance. Non-GAAP EPS is now projected in a range of $10.10 - $10.30, revised from prior guidance range of $9.90 - $10.20. Reported revenue is now expected to decline in the range of 3.0% - 2.0%, updated from prior guidance of decline in the range of 4.5% - 2.5%.

Q3 Results:

The company's bottom line came in at $68.68 million, or $1.33 per share. This compares with $87.39 million, or $1.69 per share, in last year's third quarter. Earnings per share on a non-GAAP basis was $2.59, a decrease of 4.8% from $2.72 per share, last year. Analysts on average had expected the company to earn $2.43 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items. For the quarter, revenue was $1.01 billion, a decrease of 1.6% from a year ago.

Shares of Charles River are up 15% in pre-market trade on Wednesday.

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