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

Charles River Laboratories International (NYSE:CRL) announced its quarterly earnings data on Wednesday. The medical research company reported $2.59 earnings per share for the quarter, beating 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 during the quarter, compared to analyst estimates of $975.99 million. During the same period in the previous year, the company earned $2.72 earnings per share. Charles River Laboratories International’s quarterly revenue 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 Price Performance

Charles River Laboratories International stock traded down $3.91 during mid-day 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. The stock has a market capitalization of $10.86 billion, a P/E ratio of 25.35, a P/E/G ratio of 6.25 and a beta of 1.38. Charles River Laboratories International has a twelve month low of $166.87 and a twelve month high of $275.00. The stock’s fifty day moving average price is $193.34 and its two-hundred day moving average price is $208.60. The company has a quick ratio of 1.21, a current ratio of 1.58 and a debt-to-equity ratio of 0.65.

Charles River Laboratories International announced that its Board of Directors has authorized 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 usually a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. UBS Group boosted their price target on Charles River Laboratories International from $240.00 to $250.00 and gave the company a “buy” rating in a report on Thursday. Baird R W downgraded Charles River Laboratories International from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 8th. Bank of America cut Charles River Laboratories International from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $250.00 to $215.00 in a research report on Wednesday, October 2nd. StockNews.com upgraded Charles River Laboratories International from a “hold” rating to a “buy” rating in a research report on Wednesday, October 16th. Finally, Robert W. Baird cut their target price on Charles River Laboratories International from $191.00 to $190.00 and set a “neutral” rating on the stock in a research note on Friday, September 20th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus 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).