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Charles River Laboratories Announces Fourth-Quarter and Full-Year 2017 Results from Continuing Operations and Provides 2018 Guidance
– Fourth-Quarter Revenue of $478.5 Million and Full-Year 2017 Revenue of $1.86 Billion –
– Fourth-Quarter GAAP Loss per Share of $0.63 and Non-GAAP Earnings per Share of $1.40 –
– Full-Year GAAP Earnings per Share of $2.54 and Non-GAAP Earnings per Share of $5.27 –
– Provides 2018 Guidance –
– ANNOUNCES DEFINITIVE AGREEMENT TO ACQUIRE MPI RESEARCH –
WILMINGTON, Mass--(BUSINESS WIRE)--February 13, 2018--Charles River Laboratories International, Inc. (NYSE:CRL) today reported its results for the fourth-quarter and full-year 2017 and provided guidance for 2018. For the quarter, revenue from continuing operations was $478.5 million, an increase of 2.5% from $466.8 million in the fourth quarter of 2016. Revenue growth was driven by the Discovery and Safety Assessment and Manufacturing Support segments.
The addition of a 53rd week at the end of 2016, which is periodically required to align to a December 31st calendar year end, reduced reported fourth-quarter revenue growth by 5.1%. The February 2017 divestiture of the Contract Development and Manufacturing (CDMO) business reduced reported revenue growth by 1.1%. The impact of foreign currency translation benefited reported revenue growth by 2.4%. The acquisition of Brains On-Line contributed 0.7% to consolidated fourth-quarter revenue growth, both on a reported basis and in constant currency. Excluding the effect of these items, organic revenue growth was 5.6%.
On a GAAP basis, the fourth-quarter net loss from continuing operations attributable to common shareholders was $29.8 million, a decrease from net income of $44.7 million for the same period in 2016. The fourth-quarter diluted loss per share on a GAAP basis was $0.63, a decrease from earnings per share of $0.93 for the fourth quarter of 2016. The GAAP loss per share resulted from one-time expenses related to U.S. tax reform in the fourth quarter of 2017, which reduced earnings by $78.5 million, or $1.66 per share.
On a non-GAAP basis, net income from continuing operations was $68.2 million for the fourth quarter of 2017, an increase of 16.9% from $58.3 million for the same period in 2016. Fourth-
quarter diluted earnings per share on a non-GAAP basis were $1.40, an increase of 15.7% from $1.21 per share for the fourth quarter of 2016. The non-GAAP earnings per share increase was driven primarily by a gain from the Company’s venture capital investments, as well as higher revenue and operating income.
The following information was filed by Charles River Laboratories International Inc (CRL) on Tuesday, February 13, 2018 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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