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Charles River Laboratories Announces Third-Quarter 2018 Results
– Third-Quarter Revenue of $585.3 Million –
– Third-Quarter GAAP Earnings per Share of $1.22 and Non-GAAP Earnings per Share of $1.53 –
– Updates 2018 Guidance –
WILMINGTON, Mass.--(BUSINESS WIRE)--November 7, 2018--Charles River Laboratories International, Inc. (NYSE: CRL) today reported its results for the third quarter of 2018. For the quarter, revenue was $585.3 million, an increase of 26.1% from $464.2 million in the third quarter of 2017. Revenue growth was driven by all three business segments, particularly the Discovery and Safety Assessment segment.
Acquisitions, which included MPI Research, KWS BioTest, and Brains On-Line, contributed 16.0% to consolidated third-quarter revenue growth. The impact of foreign currency translation reduced reported revenue growth by 0.6%. Excluding the effect of these items, organic revenue growth was 10.7%.
On a GAAP basis, third-quarter net income from continuing operations attributable to common shareholders was $60.4 million, an increase of 15.0% from net income of $52.5 million for the same period in 2017. Third-quarter diluted earnings per share on a GAAP basis were $1.22, an increase of 11.9% from $1.09 for the third quarter of 2017.
On a non-GAAP basis, net income from continuing operations was $75.4 million for the third quarter of 2018, an increase of 19.8% from $62.9 million for the same period in 2017. Third-quarter diluted earnings per share on a non-GAAP basis were $1.53, an increase of 17.7% from $1.30 per share for the third quarter of 2017.
The GAAP and non-GAAP net income and earnings per share increases were driven primarily by higher revenue and operating income, including the contribution from the MPI acquisition, and a lower tax rate, partially offset by higher interest expense. In addition, the increases in GAAP net income and earnings per share were partially offset by higher amortization of intangible assets, primarily related to the acquisition of MPI Research. The gains on the Company’s venture capital investments were $0.08 per share in the third quarter of 2018, compared to gains of $0.07 for the same period in 2017.
The following information was filed by Charles River Laboratories International Inc (CRL) on Wednesday, November 7, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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