Pharma company Charles River Laboratories International, Inc. (NYSE: CRL) on Wednesday reported financial results for the third quarter of 2023.
- Revenue was $1.03 billion in the September quarter, an increase of 3.8% from $989.2 million last year
- Organic revenue rose 4.1%, driven primarily by the Discovery and Safety Assessment and Research Models and Services businesses
- Third-quarter net income decreased 9.4% annually to $87.4 million; earnings per share were $1.69, down 10.1%
- Adjusted net income increased to $140.5 million or $2.72 per share from $134.7 million or $2.63 per share in Q3 2022
- The management expects revenues to grow between 2.5% and 3.5% in fiscal 2023
- Organic revenue is estimated to increase in the range of 5.5% to $6.5%
- The company is looking for full-year earnings in the range of $7.30 per share to $7.50 per share