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Charles River Laboratories Announces Third-Quarter 2013 Results From Continuing Operations

Stocks in this article: CRL

Charles River Laboratories International, Inc. (NYSE: CRL) today reported its results for the third quarter of 2013. For the quarter, net sales from continuing operations were $292.1 million, an increase of 4.8% from $278.7 million in the third quarter of 2012. Foreign currency translation reduced sales by 0.8%. On a segment basis, sales increased in both the Research Models and Services (RMS) and Preclinical Services (PCS) segments.

On a GAAP basis, net income from continuing operations for the third quarter of 2013 was $31.3 million, or $0.64 per diluted share, compared to $22.4 million, or $0.46 per diluted share, for the third quarter of 2012.

On a non-GAAP basis, net income from continuing operations was $38.2 million for the third quarter of 2013, an increase of 22.6% from $31.2 million for the same period in 2012. Third-quarter diluted earnings per share on a non-GAAP basis were $0.79, an increase of 21.5% compared to $0.65 per share in the third quarter of 2012. Higher sales contributed to the earnings per share increase, as did a $0.05 gain on our limited partnership investments and a $0.02 net benefit from certain tax-related items.

James C. Foster, Chairman, President and Chief Executive Officer, said, “The efforts we have made to improve our operating efficiency, to maintain and enhance scientific expertise, to effectively deploy sales resources and to broaden the portfolio through targeted acquisitions have successfully positioned Charles River as the partner of choice for early-stage drug development. Demand trends are more favorable: global pharmaceutical clients are outsourcing more as they reduce infrastructure and the funding environment appears to have improved for biotechnology companies. We are leveraging all of these factors to win market share and drive sales and earnings growth. This is evident in our third-quarter results, which were highlighted by mid-single-digit sales growth for both segments, as well as meaningful margin expansion in our Preclinical Services segment.”

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