Charles River Swings to Loss

The quarter beats by 2 cents.
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Charles River Laboratories International

(CRL) - Get Report

, a provider of solutions used in medical testing, said Monday that it swung to a loss in the third quarter.

The Wilmington, Mass.-based company lost $16.6 million, or 24 cents a share, in the quarter, compared with earnings of $32.1 million, or 44 cents a share, a year ago. Adjusted for amortization and stock-based compensation costs, the company earned $38.1 million, or 56 cents a share, in the most recent quarter. Analysts polled by Thomson First Call were expecting earnings of 54 cents a share.

Third-quarter revenue rose 9% from a year ago to $264.7 million as against analysts' expectation of $263.9 million.

The company reaffirmed its earnings outlook of $1.73 a share to $1.79 a share for the year 2006, on revenue of $1.05 billion to $1.08 billion. Adjusted earnings are expected to be $2.12 a share to $2.18 a share. Analysts are expecting earnings of $2.16 a share, on revenue of $1.07 billion for the full year.

By segment, third-quarter revenue from research models and services segment rose 7.3% from a year ago to $127.6 million and from preclinical services segment, including phase I clinical business, it increased 10.6% to $137.1 million.

Shares rose $1.03 to $43.63.

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