WILMINGTON, MA — Charles River Laboratories International, Inc. (NYSE: CRL) reported its results for the first quarter of 2015 on Wednesday. For the quarter, revenue from continuing operations was $320.4 million, an increase of 7.0% from $299.4 million in the first quarter of 2014. Foreign currency translation reduced reported revenue growth by 5.8%. On a constant-currency basis, revenue growth of 12.8% was driven by the Discovery and Safety Assessment segment. The Early Discovery acquisitions in 2014, which include Argenta, BioFocus, and ChanTest, contributed 8.0% to consolidated first-quarter revenue growth, both on a reported basis and in constant currency.
On a GAAP basis, net income from continuing operations for the first quarter of 2015 was $31.6 million, or $0.66 per diluted share, compared to $32.6 million, or $0.67 per diluted share, for the first quarter of 2014.
On a non-GAAP basis, net income from continuing operations was $37.6 million for the first quarter of 2015, a decrease of 4.3% from $39.3 million for the same period in 2014. First-quarter diluted earnings per share on a non-GAAP basis were $0.79, a decrease of 3.7% compared to $0.82 per share in the first quarter of 2014. The decline was attributable to a significantly smaller gain from our limited partnership investments, which was $0.02 per share in the first quarter of 2015, compared to a $0.08 per share for the same period in 2014. In addition, foreign currency translation reduced earnings per share by approximately $0.03 in the first quarter.
James C. Foster, Chairman, President and Chief Executive Officer, said, “The strong first-quarter results for our Safety Assessment and EMD businesses were partially offset by a slower-than-expected start for some of our other businesses. Improving trends in March and April give us confidence in a stronger second-quarter performance and for the remainder of the year.”
“Primarily as a result of the favorable trends for Safety Assessment, we are increasing our guidance for constant-currency revenue growth to a range of 6.5% to 8.0% in 2015; however, due to a more negative effect from foreign currency translation, we are maintaining our guidance for non-GAAP earnings per share in a range from $3.55 to $3.65,” Mr. Foster concluded.
(Read the extended press release from Charles River Laboratories HERE.)
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