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Exhibit 99.1
Charles River Laboratories Announces Fourth-Quarter and Full-Year 2018 Results and Provides 2019 Guidance
– Fourth-Quarter Revenue of $601.5 Million and Full-Year Revenue of $2.27 Billion –
– Fourth-Quarter GAAP Earnings per Share of $1.21 and Non-GAAP Earnings per Share of $1.49 –
– Full-Year GAAP Earnings per Share of $4.59 and Non-GAAP Earnings per Share of $6.03 –
– Provides 2019 Guidance –
– Announces Binding Offer to Acquire Citoxlab –
WILMINGTON, Mass.--(BUSINESS WIRE)--February 13, 2019--Charles River Laboratories International, Inc. (NYSE: CRL) today reported its results for the fourth-quarter and full-year 2018 and provided guidance for 2019. For the quarter, revenue was $601.5 million, an increase of 25.7% from $478.5 million in the fourth quarter of 2017.
Acquisitions, which included MPI Research and KWS BioTest, contributed 15.7% to consolidated fourth-quarter revenue growth. The impact of foreign currency translation reduced reported revenue growth by 1.4%. Excluding the effect of these items, organic revenue growth of 11.4% was driven by all three business segments.
On a GAAP basis, fourth-quarter net income from continuing operations attributable to common shareholders was $59.7 million, compared to a net loss of $29.8 million for the same period in 2017. Fourth-quarter diluted earnings per share on a GAAP basis were $1.21, compared to a loss per share of $0.63 for the fourth quarter of 2017. 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.
On a non-GAAP basis, net income from continuing operations was $73.2 million for the fourth quarter of 2018, an increase of 7.3% from $68.2 million for the same period in 2017. Fourth-quarter diluted earnings per share on a non-GAAP basis were $1.49, an increase of 6.4% from $1.40 per share for the fourth quarter of 2017.
The non-GAAP net income and earnings per share increases were driven primarily by higher revenue, including the contribution from the MPI acquisition, and operating margin improvement, as well as a lower tax rate. These increases were partially offset by higher interest expense and losses on the Company’s venture capital investments. The losses from the Company’s venture capital investments were $0.10 per share in the fourth quarter of 2018, compared to gains of $0.13 in the fourth quarter of 2017.
The following information was filed by Charles River Laboratories International Inc (CRL) on Wednesday, February 13, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Charles River Laboratories International Inc
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