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Charles River Laboratories Stock Sinks As It Warns Of Continued Biotech Demand Slump, Lowers Forecast
Charles River Laboratories International Inc (NYSE:CRL) reported second-quarter 2024 revenue of $1.03 billion on Wednesday, a decrease of 3.2% year over year, beating the consensus of $1.024 billion.
Foreign currency translation reduced reported revenue by 0.3%, a divestiture decreased it by 0.2%, and an acquisition added 0.5% to the consolidated second-quarter revenue.
Organic revenue decreased by 3.2%.
Adjusted operating margin increased to 21.3% from 20.4%, driven primarily by lower performance-based compensation accruals and operating margin improvement in the Manufacturing segment.
The company reported adjusted EPS of $2.80, up from $2.69 a year ago, surpassing the consensus estimate of $2.39.
James C. Foster, chair, president, and CEO, said, "Forward-looking Discovery ...