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Charles River Laboratories Announces Second-Quarter 2019 Results
– Second-Quarter Revenue of $657.6 Million –
– Second-Quarter GAAP Earnings per Share of $0.88 and Non-GAAP Earnings per Share of $1.63 –
– Updates 2019 Guidance –
WILMINGTON, Mass.--(BUSINESS WIRE)--July 31, 2019--Charles River Laboratories International, Inc. (NYSE: CRL) today reported its results for the second quarter of 2019. For the quarter, revenue was $657.6 million, an increase of 12.3% from $585.3 million in the second quarter of 2018.
Acquisitions, principally the partial-quarter benefit from Citoxlab, contributed 5.7% to consolidated second-quarter revenue growth. The impact of foreign currency translation reduced reported revenue growth by 1.9%. Excluding the effect of these items, organic revenue growth of 8.5% was driven by all three business segments.
On a GAAP basis, second-quarter net income from continuing operations attributable to common shareholders was $43.7 million, a decrease of 16.2% from net income of $52.2 million for the same period in 2018. Second-quarter diluted earnings per share on a GAAP basis were $0.88, a decrease of 17.0% from $1.06 for the second quarter of 2018. The lower GAAP net income and earnings per share were driven primarily by a loss from the Company’s venture capital investments of $0.07 per share in the second quarter of 2019, compared to a $0.16 gain for the same period in 2018. As previously disclosed, the Company’s venture capital investment performance has been excluded from non-GAAP results.
On a non-GAAP basis, net income from continuing operations was $81.1 million for the second quarter of 2019, an increase of 13.7% from $71.3 million for the same period in 2018. Second‑quarter diluted earnings per share on a non-GAAP basis were $1.63, an increase of 12.4% from $1.45 per share for the second quarter of 2018. The non-GAAP net income and earnings per share increases were driven primarily by higher revenue and operating income, including the contribution from the Citoxlab acquisition, as well as a lower tax rate.
James C. Foster, Chairman, President and Chief Executive Officer, said, “Our solid, second-quarter results demonstrate the effectiveness of our strategy and the strong industry fundamentals that continue to fuel the pipelines of the biotech industry, and in turn, our growth. We have invested tremendous effort over time to add people and capacity to accommodate growing client demand; to maintain and enhance our scientific leadership; to strengthen our relationships with clients; and to work with them to devise outsourcing solutions that increase their productivity and speed-to-market. We have maintained our focus on early-stage drug research and manufacturing support solutions, strategically expanding our portfolio to provide clients with the critical capabilities they require to discover, develop, and safely manufacture new drugs. As a result, we believe that Charles River is a stronger company today than it has ever been. We will continue to invest in and enhance our industry-leading portfolio to fulfill our long-term strategic goals and become an even stronger partner to our clients across a wider array of scientific solutions.”
The following information was filed by Charles River Laboratories International Inc (CRL) on Wednesday, July 31, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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