Charles River Laboratories International (NYSE:CRL) Releases Earnings Results, Beats Expectations By $0.16 EPS

Charles River Laboratories International (NYSE:CRL) released its quarterly earnings results on Wednesday. The medical research company reported $2.59 EPS for the quarter, topping the consensus estimate of $2.43 by $0.16, Briefing.com reports. Charles River Laboratories International had a return on equity of 14.96% and a net margin of 10.83%. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $975.99 million. During the same period in the previous year, the company posted $2.72 EPS. Charles River Laboratories International’s revenue for the quarter was down 1.6% on a year-over-year basis. Charles River Laboratories International updated its FY 2024 guidance to 10.100-10.300 EPS.

Charles River Laboratories International Stock Up 2.4 %

NYSE:CRL traded up $5.10 on Friday, hitting $215.39. 625,749 shares of the company’s stock traded hands, compared to its average volume of 615,989. The company has a market cap of $11.12 billion, a PE ratio of 25.80, a price-to-earnings-growth ratio of 6.25 and a beta of 1.38. Charles River Laboratories International has a 1 year low of $166.87 and a 1 year high of $275.00. The company has a current ratio of 1.58, a quick ratio of 1.21 and a debt-to-equity ratio of 0.65. The firm has a 50-day moving average price of $193.91 and a 200-day moving average price of $208.49.

Charles River Laboratories International announced that its Board of Directors has approved a share buyback program on Wednesday, August 7th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the medical research company to purchase up to 9.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on CRL shares. Evercore ISI boosted their target price on shares of Charles River Laboratories International from $190.00 to $225.00 and gave the stock an “in-line” rating in a research report on Thursday. UBS Group boosted their price objective on shares of Charles River Laboratories International from $240.00 to $250.00 and gave the stock a “buy” rating in a report on Thursday. Bank of America downgraded Charles River Laboratories International from a “buy” rating to a “neutral” rating and lowered their target price for the company from $250.00 to $215.00 in a research note on Wednesday, October 2nd. Citigroup cut Charles River Laboratories International from a “neutral” rating to a “sell” rating and cut their price target for the stock from $215.00 to $175.00 in a research note on Tuesday, October 1st. Finally, Barclays lowered their price objective on Charles River Laboratories International from $230.00 to $210.00 and set an “equal weight” rating for the company in a research note on Thursday, August 8th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Charles River Laboratories International has a consensus rating of “Hold” and a consensus target price of $214.93.

Charles River Laboratories International Company Profile

Charles River Laboratories International, Inc provides drug discovery, non-clinical development, and safety testing services in the United States, Europe, Canada, the Asia Pacific, and internationally. It operates through three segments: Research Models and Services (RMS), Discovery and Safety Assessment (DSA), and Manufacturing Solutions (Manufacturing).