Charles River Shares Climb as Earnings Top Analyst Estimates: Boston Mover
Stock Chart for Charles River Laboratories International Inc (CRL)
Charles River Laboratories International Inc. (CRL), the seller of mice and rats used in laboratory experiments, gained the most in a month after reporting earnings that beat analyst estimates.
Charles River climbed 3.9 percent to $35.23 at 4 p.m. in New York, the biggest increase since Jan. 10. The Wilmington, Massachusetts-based company reported earnings excluding one-time items of 69 cents a share, beating by 10 cents the average of 16 analyst estimates compiled by Bloomberg.
“Charles River is showing that it’s doing a very good job of managing its business within the constraint of a difficult industry environment,” said John Sullivan, an analyst at Leerink Swann & Co. in Boston with a “market perform” rating on the company. “Charles River is managing its business to maximize its cash flow while continuing to make the investments that should facilitate growth when growth is available.”
The company is being careful with expenses and is taking advantage of tax rate opportunities and share repurchases, Sullivan said.
Charles River sells mice and rats for experiments and also conducts pre-clinical trials on the animals. It counts Pfizer Inc. and Roche Holding AG as customers, according to data compiled by Bloomberg.
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