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Charles River Labs Boosts FY22 Revenue Growth Outlook; Q1 Results Top Estimates

While reporting financial results for the first quarter on Wednesday, Charles River Laboratories International, Inc. (CRL) reaffirmed its adjusted earnings and organic revenue growth guidance for the full-year 2022, while raising annual revenue growth outlook.

For fiscal 2022, the company continues to projects earnings in the range of $8.70 to $8.95 per share and adjusted earnings in the range of $11.50 to $11.75 per share on revenues growth of 13.5 to 15.5 percent and organic revenues growth of 12.5 to 14.5 percent.

Previously, the company expected earnings in the range of $9.20 to $9.45 per share and adjusted earnings in the range of $11.50 to $11.75 per share on revenues growth of 13 to 15 percent and organic revenues growth of 12.5 to 14.5 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $11.64 per share on revenue growth of 13.60 percent to $4.02 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 $93.02 million or $1.81 per share, higher than $61.53 million or $1.20 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $2.75 per share, compared to $2.53 per share in the year-ago quarter.

Total revenue for the quarter increased 10.8 percent to $913.93 million from $824.57 million in the same quarter last year. Organic revenue growth was 9.4 percent.

The Street was looking for earnings of $2.72 per share on revenues of $910.10 million for the quarter.

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