Charles River Laboratories International, Inc. (CRL) has reported a 25.94 percent rise in profit for the quarter ended Apr. 01, 2017. The company has earned $46.78 million, or $0.97 a share in the quarter, compared with $37.14 million, or $0.78 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $62.55 million, or $1.29 a share compared with $46.54 million or $0.98 a share, a year ago.
Revenue during the quarter grew 25.61 percent to $445.76 million from $354.87 million in the previous year period. Gross margin for the quarter contracted 115 basis points over the previous year period to 38.52 percent. Total expenses were 84.42 percent of quarterly revenues, down from 85.50 percent for the same period last year. This has led to an improvement of 108 basis points in operating margin to 15.58 percent.
Operating income for the quarter was $69.47 million, compared with $51.47 million in the previous year period.
However, the adjusted operating income for the quarter stood at $82.48 million compared to $65.32 million in the prior year period. At the same time, adjusted operating margin improved 10 basis points in the quarter to 18.50 percent from 18.41 percent in the last year period.
James C. Foster, Chairman, President and Chief Executive Officer, said, "I am very pleased to say that following an exceptional year in 2016, we are off to a strong start in the first quarter of 2017. Demand for our products and services is robust and we continue to win new business, which supports our expectation for revenue growth, operating margin expansion, and earnings per share growth in 2017. Our first-quarter results put us on track to achieve our guidance for the year."
For fiscal year 2017, Charles River Laboratories International forecasts revenue to grow in the range of 7.50 percent to 9 percent. The company expects diluted earnings per share to be in the range of $4.18 to $4.33. It expects diluted earnings per share to be in the range of $5 to $5.15 on adjusted basis.
Operating cash flow drops significantly
Charles River Laboratories International has generated cash of $34.03 million from operating activities during the quarter, down 25.77 percent or $ 11.81 million, when compared with the last year period.
Cash flow from investing activities was $53 million for the quarter as against cash outgo of $6.44 million in the last year period.
The company has spent $74.32 million cash to carry out financing activities during the quarter as against cash outgo of $0.29 million in the last year period.
Cash and cash equivalents stood at stood at $131.52 million as at Apr. 01, 2017.
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