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Charles River Labs Q4 Results Top Estimates; Guides 2019 Adj EPS In Line

Charles River Laboratories International, Inc. (CRL) reported Wednesday net income for the fourth quarter of $59.67 million or $1.21 per share, compared to a net loss of $29.85 million or $0.63 per share in the prior-year quarter.

The increase was primarily driven by last year's GAAP loss per share that resulted from one-time expenses related to U.S. tax reform, which reduced earnings by $78.5 million, or $1.66 per share.

Excluding items, adjusted net income for the quarter was $73.19 million or $1.49 per share, compared to $68.18 million or $1.40 per share in the year-ago quarter.

Revenues for the quarter increased 25.7 percent to $601.53 million from $478.48 million in the same quarter last year. Organic revenue growth was 11.4 percent, driven by all three business segments.

On average, analysts polled by Thomson Reuters expected earnings of $1.40 per share on revenues of $590.75 million for the quarter. Analysts' estimates typically exclude special items.

Separately, Charles River announced it has signed a binding offer to acquire Citoxlab for 448 million euros or about $510 million in cash, subject to customary closing adjustments.

Looking ahead to fiscal 2019, the company projects adjusted earnings in the range of $6.25 to $6.40 per share, excluding the impact of Citoxlab, and in the range of $6.40 to $6.55 per share, including the impact of Citoxlab.

The company also expects revenues for the year to grow in the range of 10.5 to 12.0 percent, excluding the impact of Citoxlab, and in the range of 16 to 18 percent, including the impact of Citoxlab. Organic revenue growth is projected in the range of 8.0 to 9.5 percent.

The Street expects the company to report earnings of $6.35 per share on revenue growth of 10.3 percent to $2.49 billion for the year.

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