Charles River Laboratories International Reports Earnings for Q2 FY2023

🌥️Earnings Overview

Charles River Laboratories ($NYSE:CRL) International unveiled their financial results for the second quarter of Fiscal Year 2023 (ending June 30th, 2023) on August 9th, 2023. Total revenue for the quarter was USD 1059.9 million, signifying an 8.9% rise compared to the corresponding quarter from the previous year. Unfortunately, net income for the quarter plunged 11.3% year over year, reaching a total of USD 97.0 million.

Stock Price

On Wednesday, Charles River Laboratories International (CRL) reported its earnings for the second quarter of FY2023. CRL stock opened at $212.3 and closed at $215.8, up 4.6% from the prior closing price of 206.2. The positive news from the company drove its stock higher, and CRL has seen a steady increase in share prices over the past few weeks.

CRL also saw an 11% jump in the sales of laboratory supplies and services, driven by increased demand from their customers. Overall, the results from the second quarter of FY2023 reflect a strong performance from Charles River Laboratories International and suggest that the company is well-positioned to capitalize on future growth opportunities. Live Quote…

About the Company

Income Snapshot

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Cash Flow Snapshot

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Balance Sheet Snapshot

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Key Ratios Snapshot

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Analysis

At GoodWhale, we have analyzed the financials of CHARLES RIVER LABORATORIES INTERNATIONAL and determined that it is a medium risk investment in terms of both financial and business aspects. We have detected two risk warnings in the balance sheet, which are non-financial in nature. If you would like to get more insights into this company, please register with us and check it out. More…

Peers

The global market for contract research services is growing rapidly as more and more companies are outsourcing their research and development needs. This growth is being driven by the increasing costs of R&D, the need for faster timelines, and the desire to tap into the expertise of experienced professionals. As the market expands, so does the competition, and Charles River Laboratories International Inc is up against some stiff competition from the likes of Microba Life Sciences Ltd, IDenta Corp, and Eurofins Scientific SE.

– Microba Life Sciences Ltd ($ASX:MAP)

Denta Corp is a publicly traded company that provides dental products and services. The company has a market capitalization of 1.5 million as of 2022 and a return on equity of -10.42%. The company’s products and services include dental implants, dentures, and other dental prosthetics. Denta Corp also provides dental education and training services. The company was founded in 2006 and is headquartered in New York, New York.

– IDenta Corp ($OTCPK:IDTA)

Eurofins Scientific SE is a global leader in the provision of analytical testing and scientific services. The company has a market capitalization of 13.54 billion as of 2022 and a return on equity of 12.32%. The company provides a range of services including food testing, environmental testing, pharmaceutical testing, and forensics. Eurofins Scientific SE has a network of over 800 laboratories across 47 countries.

Summary

Investors in CHARLES RIVER LABORATORIES INTERNATIONAL (CRL) were pleased with the company’s second quarter FY2023 earnings results, released on August 9, 2023. Revenue for the quarter increased 8.9% year-over-year to USD 1059.9 million, showing a continued strong performance. Unfortunately, despite the higher revenue, net income decreased 11.3% from the same period last year to USD 97.0 million.

Despite this decrease, CRL’s stock price moved up on the news, indicating that investors remain bullish on CRL’s future prospects. It will be interesting to see how CRL continues to perform in the remainder of FY2023.