Loading...
•
Sep 24, 2022
Charles River Labs Q3 2022 Earnings Report
Revenue increased by 10.4% and GAAP earnings per share decreased by 6.5%.
Key Takeaways
Charles River Laboratories reported third-quarter results with revenue of $989.2 million, a 10.4% increase year-over-year. GAAP earnings per share were $1.88, a decrease of 6.5% from the prior year, while non-GAAP earnings per share were $2.63, a decrease of 2.6%. The company narrowed its 2022 revenue growth and earnings per share guidance and announced a planned divestiture of its Avian Vaccine business.
Third-quarter revenue was $989.2 million, an increase of 10.4% from $895.9 million in the third quarter of 2021.
GAAP earnings per share were $1.88, a decrease of 6.5% from $2.01 for the third quarter of 2021.
Non-GAAP earnings per share were $2.63, a decrease of 2.6% from $2.70 per share for the third quarter of 2021.
Company narrowed 2022 revenue growth and earnings per share guidance.
Revenue by Segment
Forward Guidance
The Company is updating 2022 financial guidance, which was previously provided on August 3, 2022. Revenue growth and non-GAAP earnings per share guidance are being narrowed to the upper end of the prior ranges, reflecting the solid, third-quarter performance. GAAP earnings per share guidance is being narrowed to the low end of the prior range, primarily as a result of contingent consideration adjustments related to the CDMO Sweden divestiture.
Positive Outlook
- Revenue growth, reported: 10.0% – 11.0%
- Revenue growth, organic: 11.0% – 12.0%
- GAAP EPS: $7.90 – $8.05
- Non-GAAP EPS: $10.80 – $10.95
- Cash flow from operating activities: ~$700 million
Challenges Ahead
- Contribution from acquisitions/divestitures, net: ~(1.0%)
- Impact of 53rd week in 2022: ~(1.5)%
- Unfavorable/(favorable) impact of foreign exchange: ~3.5%
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...