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

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

Charles River Laboratories International Stock Down 1.8 %

Shares of NYSE:CRL traded down $3.91 during trading on Thursday, hitting $210.29. The company’s stock had a trading volume of 845,105 shares, compared to its average volume of 615,945. Charles River Laboratories International has a fifty-two week low of $166.87 and a fifty-two week high of $275.00. The stock’s 50-day moving average price is $193.34 and its two-hundred day moving average price is $208.60. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.21 and a current ratio of 1.58. The company has a market capitalization of $10.86 billion, a PE ratio of 25.35, a PEG ratio of 6.25 and a beta of 1.38.

Charles River Laboratories International declared that its board has approved a stock buyback program on Wednesday, August 7th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the medical research company to reacquire up to 9.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

Several analysts have recently issued reports on CRL shares. StockNews.com raised shares of Charles River Laboratories International from a “hold” rating to a “buy” rating in a research note on Wednesday, October 16th. TD Cowen lowered their price target on Charles River Laboratories International from $228.00 to $203.00 and set a “hold” rating for the company in a research report on Monday, August 12th. The Goldman Sachs Group cut their price objective on Charles River Laboratories International from $290.00 to $250.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. JPMorgan Chase & Co. cut Charles River Laboratories International from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $270.00 to $205.00 in a report on Thursday, August 8th. Finally, CLSA raised shares of Charles River Laboratories International from an “underperform” rating to a “hold” rating and set a $205.00 target price for the company in a research report on Thursday. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target 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).