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Charles River Laboratories Announces Third-Quarter 2019 Results
– Third-Quarter Revenue of $668.0 Million –
– Third-Quarter GAAP Earnings per Share of $1.46 and Non-GAAP Earnings per Share of $1.69 –
– Updates 2019 Guidance –
WILMINGTON, Mass.--(BUSINESS WIRE)--November 6, 2019--Charles River Laboratories International, Inc. (NYSE: CRL) today reported its results for the third quarter of 2019. For the quarter, revenue was $668.0 million, an increase of 14.1% from $585.3 million in the third quarter of 2018.
Acquisitions, which principally included Citoxlab, contributed 7.5% to consolidated third-quarter revenue growth. The impact of foreign currency translation reduced reported revenue growth by 1.3%. Excluding the effect of these items, organic revenue growth of 7.9% was driven by contributions from all three business segments.
On a GAAP basis, third-quarter net income from continuing operations attributable to common shareholders was $72.8 million, an increase of 20.6% from net income of $60.4 million for the same period in 2018. Third-quarter diluted earnings per share on a GAAP basis were $1.46, an increase of 19.7% from $1.22 for the third quarter of 2018. The increases in GAAP net income and earnings per share were driven primarily by a non-cash, discrete tax benefit of $20.4 million, or $0.41 per share, related to the Company’s international financing structure, partially offset by higher acquisition-related costs. The Company’s venture capital investments represented a loss of $0.01 per share in the third quarter of 2019, compared to a gain of $0.08 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 $83.8 million for the third quarter of 2019, an increase of 17.1% from $71.6 million for the same period in 2018. Third-quarter diluted earnings per share on a non-GAAP basis were $1.69, an increase of 16.6% from $1.45 per share for the third quarter of 2018. The non-GAAP net income and earnings per share increases were driven primarily by higher revenue and operating margin improvement.
James C. Foster, Chairman, President and Chief Executive Officer, said, “We are pleased with our overall third-quarter results, which were highlighted by mid-teens reported revenue growth and high-single-digit organic revenue growth, consistent with our long-term targets, and non-GAAP operating margin expansion that represented a positive step towards achieving our two-year target. We have spent the past several years investing internally to support growing demand, while striving to improve the scalability of the business. As a result of these investments, we believe that we now have an enhanced ability to leverage top-line growth and drive greater efficiency, which will enable us to continue to improve our operating margins.”
“We are the early-stage CRO partner of choice for our clients’ drug research, development, and manufacturing support efforts due to our extensive scientific expertise, which we believe is unique and unparalleled in the early-stage CRO universe. The investments that we have made have also created a more efficient and responsive organization that provides flexible, customized solutions to our clients. We believe we are well positioned to maintain and enhance our market leadership position, as well as to achieve our long-term strategic and financial goals and generate greater shareholder returns,” Mr. Foster concluded.
The following information was filed by Charles River Laboratories International Inc (CRL) on Wednesday, November 6, 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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