Charles River Misses Estimates (CRL)

Charles River Laboratories International CRL on Monday morning released financial results that failed to meet Wall Street expectations. Charles River Laboratories International (CRL) reported that its 2nd quarter net income fell to $14.5 million, or 22 cents per share, down from $34.2 million, or 52 cents per share, a year earlier. Excluding special items, the company earned 49 cents per share. Revenue fell 5.2% to $292.1 million, down from $308.2 million a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 50 cents per share, on revenue of $305.56 million. The company lowered its full year adjusted earnings forecast to a range of $1.90 to $2.00 per share, down from its previous forecast of $2.20 to $2.40 per share. It also expects revenue to fall 2% to 3%, down from its previous full year revenue forecast of low single digit growth. Chairman, president and chief executive officer James C. Foster said, "We are disappointed that market demand for outsourced preclinical services did not rebound during the second quarter as we had previously expected. We continue to have extensive discussions with our biopharmaceutical clients, who maintain their intentions to build larger, strategic partnerships with us and increase the amount of outsourced activity. However, the timing of these decisions remains unclear and we do not believe that it is imminent." Charles River Laboratories International closed the previous trading day at $31.08 per share. Analysts covering the company's stock have a consensus price target of $40.63 per share. Read more from Benzinga's Company news. Learn how to find the best stocks to trade each day in our 70 page E-Book and 90 minute online video for free.