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Charles River Laboratories Provides 2013 Financial Guidance

Stocks in this article: CRL

Charles River Laboratories International, Inc. (NYSE: CRL) today provided guidance for 2013 and reaffirmed guidance for 2012.

James C. Foster, Chairman, President and Chief Executive Officer, said, “The actions we have taken in the last three years to enhance our in vivo biology portfolio, improve our operating efficiency, and forge stronger relationships with our clients have positioned us exceptionally well to be the partner of choice for early-stage drug discovery and development products and services. We believe these are the reasons that we were awarded two large, strategic partnerships in the last year, and that we will prevail in the majority of the ongoing discussions concerning additional opportunities. These partnerships, combined with market share gains we have made in our mid-tier biopharmaceutical and academic client bases, are the foundation of improved performance in 2013 and beyond.”

“As a result, we are confident that sales growth will accelerate in 2013, to a range of 3% to 5% on a constant currency basis, and that non-GAAP earnings per share will increase at a slightly higher rate, to a range of $2.80 to $2.90.”

2013 Guidance

Sales and earnings per share guidance for 2013 excludes the impact of acquisitions until the transaction has been completed. The Company continues to expect that the acquisition of Vital River will be completed in the first quarter of 2013.

2013 SALES GUIDANCE (from continuing operations)
Net sales growth, reported         2.5% – 4.5%
Impact of foreign exchange         Approx. 0.5%
Net sales growth, constant currency         3.0% - 5.0%
 

A reconciliation of GAAP to non-GAAP earnings per share is as follows:

2013 EPS GUIDANCE (from continuing operations)        
GAAP EPS estimate       $2.45 - $2.55
Amortization of intangible assets $0.21
Operating losses (1) $0.04
Convertible debt accounting       $0.10
Non-GAAP EPS estimate       $2.80 - $2.90

(1) These costs relate primarily to the Company’s PCS facility in Massachusetts.

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