On Wednesday, Charles River Laboratories International, Inc. (CRL) reported fourth-quarter results that exceeded the expectations of analysts. The profit outlook for the full year from the company also surpassed consensus estimates.
The fourth-quarter net income stood at $187.1 million, or $3.62 per share, showing a slight decrease from $187.4 million, or $3.65 per share, from the same period last year.
After excluding certain special items, earnings were $127.2 million or $2.46 per share. These figures beat the average earnings per share estimate of $2.40 as projected by analysts on a poll by Thomson-Reuters, usually exempting special items.
The company posted revenues of $1.01 billion for the quarter, indicating a 7.9% drop from the $1.10 billion registered during the same quarter last year. This surpassed the consensus estimate, which stood at $991.25 million.
Looking forward to fiscal 2024, Charles River Laboratories predicts a profit per share ranging from $10.90 to $11.40. Analysts, on the other hand, anticipate earnings per share for the full year to stand at $10.79. The company projects a revenue growth rate between 1.0% and 4.0% for the year, while the market expects a growth rate in revenue of 3.20%.
Charles River Laboratories shares witnessed an appreciation of over 4% in pre-market trading. The stocks closed at $220.24, down by 2.45% on Tuesday. Over the past year, the stock price has fluctuated between $161.65 and $257.18.
