Charles River Laboratories (CRL) Tops Q4 EPS by 29c, Revenues Beat; Offers FY21 EPS Guidance Above Consensus
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Charles River Laboratories (NYSE: CRL) reported Q4 EPS of $2.39, $0.29 better than the analyst estimate of $2.10. Revenue for the quarter came in at $791 million versus the consensus estimate of $756.86 million.
- Fourth-Quarter Revenue of $791.0 Million and Full-Year Revenue of $2.92 Billion
- Fourth-Quarter GAAP Earnings per Share of $2.81 and Non-GAAP Earnings per Share of $2.39
- Full-Year GAAP Earnings per Share of $7.20 and Non-GAAP Earnings per Share of $8.13
- Announces Definitive Agreement to Acquire Cognate BioServices, A Premier, Cell and Gene Therapy CDMO
Charles River Laboratories sees FY2021 EPS of $9.00-$9.25, versus the consensus of $8.86.
James C. Foster, Chairman, President and Chief Executive Officer, said, “2020 was an extraordinary year, in which we were able to successfully navigate the challenges of the COVID-19 pandemic and reinforce our position as the leading, non-clinical CRO. Our strong financial performance reflects the resilience of our business model and the robust demand environment, which was driven by clients intensifying their use of strategic outsourcing and partnering with us to move their critical research programs forward. Our focus on enhancing the value that we provide to clients has made us a trusted partner, and we expect that the robust demand trends will continue. As a result, we believe we are well positioned for an excellent start in 2021.”
Mr. Foster continued, “We are pleased to be expanding our early-stage research and manufacturing support portfolio into the complementary, high-growth cell and gene therapy CDMO sector. The planned acquisition of Cognate BioServices will create a premier scientific partner for cell and gene therapy development, testing, and manufacturing, providing clients with an integrated solution from basic research through CGMP production. We believe this strategic expansion of our portfolio will be highly synergistic with our existing capabilities, particularly for biologics testing. It will enhance our ability to achieve our long-term financial goals and deliver greater value to both clients and shareholders.”
2021 Guidance Excluding Cognate BioServices
The Company is providing the following revenue, earnings per share, and free cash flow guidance for 2021 excluding the financial impact of the planned acquisition of Cognate. The 2021 revenue growth outlook reflects a continuation of robust client demand trends, as well as a favorable comparison to last year’s revenue impact from the COVID-19 pandemic. Earnings per share in 2021 are expected to benefit from higher revenue and modest operating margin improvement, partially offset by a higher tax rate.
For earnings history and earnings-related data on Charles River Laboratories (CRL) click here.
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