CRL Revenue Exceeds Jefferies Estimate By $3.6M

Charles River Laboratories CRL posted revenue of $281.7M “which exceed our estimate by $3.6M,” Jefferies reports. “Segment revenues were mixed with RMS posting flat YoY growth (+5.7% sequential) while PCS was down 6% YoY (up sequentially after excluding Phase I),” Jefferies writes. “RMS appeared to benefit from ‘budget flush' spending in In Vitro, which could have simply pulled demand forward from 1Q,” Jefferies writes. “On the other hand, PCS improved modestly after excluding Phase I. The decision to exit Phase I is a new one. Our PCS estimate was $4MM higher, but included Phase I.” Charles River Laboratories closed Tuesday at $36.75.