FX.co ★ Charles River Laboratories Reaffirms FY24 Outlook; Q1 Results Top Estimates

On Thursday, Charles River Laboratories International, Inc. reaffirmed its financial outlook for 2024 during their first quarter financial results announcement. For 2024, they now anticipate earnings per share to be between $7.60 and $8.10, adjusted earnings between $10.90 and $11.40, and revenue growth of 1.0% to 4.0%, with an organic revenue growth between 0% to 3.0%.

Prior to this, they had forecasted earnings within a range of $7.90 to $8.40 per share, using the same range for adjusted earnings, and having an identical range for revenue and organic revenue growth.

Analysts surveyed by Thomson Reuters predict the company will report earnings of $11.02 per share and a revenue growth of 2.13%, reaching up to $4.22 billion for the year. However, these expectations generally do not factor in special items.

For the first quarter, the company observed a net income of $67.33 million ($1.30 per share), which is a decrease from the $103.13 million ($2.01 per share) reported in the same quarter last year. Upon excluding certain items, the adjusted earnings for the quarter were $2.27 per share, down from $2.78 per share in the prior-year's quarter.

The total revenue for the quarter also fell by 1.7% down to $1.01 billion from $1.03 billion during the same quarter last year, with organic revenue declining by 3.3%.

In terms of expectations, the market was projecting earnings of $2.07 per share on revenues of $992.27 million for the quarter.