Charles River Labs Q3 Revenue Jumps 4% Despite Softer Client Spending, Narrows Outlook
Portfolio Pulse from Vandana Singh
Charles River Laboratories International Inc (CRL) reported Q3 sales of $1.03 billion, a 3.8% Y/Y increase, beating the consensus of $1 billion. Adjusted EPS was $2.72, surpassing the Wall Street estimate of $2.37. Despite softer client spending, acquisitions and foreign currency translation contributed to the revenue growth. However, the company narrowed its FY23 revenue growth outlook to 2.5%-3.5% from 2.5%-4.5% expected earlier.
November 08, 2023 | 4:23 pm
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NEUTRAL IMPACT
Charles River Labs reported better-than-expected Q3 results but narrowed its FY23 revenue growth outlook. This mixed news could lead to uncertain short-term price movements.
Charles River Labs reported strong Q3 results, beating both sales and EPS estimates. This positive news could boost investor sentiment and potentially drive the stock price up. However, the company also narrowed its FY23 revenue growth outlook, which could be seen as a negative signal about future performance and potentially put downward pressure on the stock. The net impact on the stock price in the short term is uncertain.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100