Charles River Laboratories Stock Sinks As It Warns Of Continued Biotech Demand Slump, Lowers Forecast
Portfolio Pulse from Vandana Singh
Charles River Laboratories (NYSE: CRL) reported a 3.2% year-over-year revenue decline for Q2 2024, beating the consensus estimate. Despite an increase in adjusted EPS, the company lowered its revenue and EPS guidance for 2024 due to a continued slump in biotech demand. The stock fell 12.6% following the announcement.
August 07, 2024 | 2:06 pm
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Charles River Laboratories reported a 3.2% decline in Q2 2024 revenue, beating estimates. Despite an increase in adjusted EPS, the company lowered its revenue and EPS guidance for 2024 due to a continued slump in biotech demand. The stock fell 12.6% following the announcement.
The lowered guidance and continued slump in biotech demand are significant negative factors for Charles River Laboratories. Despite beating revenue and EPS estimates, the negative outlook for the second half of the year has led to a sharp decline in the stock price.
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IMPORTANCE 90
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