RTTNews | Nov 3, 2021 07:58AM EDT

07:57 Wednesday, November 3, 2021 (RTTNews.com) - While reporting financial results for the first quarter on Tuesday, Charles River Laboratories International, Inc. (CRL) raised its earnings and adjusted earnings guidance for the full-year 2021, primarily to reflect a lower-than-expected tax rate.

For fiscal 2021, the company now projects earnings in a range of $7.05 to $7.15 per share and adjusted earnings in a range of $10.20 to $10.30 per share on revenues growth of 19.5 to 20.5 percent and organic revenues growth of 13.5 to 14.5 percent.

Previously, the company expected earnings in a range of $6.55 to $6.80 per share and adjusted earnings in the range of $10.10 to $10.35 per share on revenues growth of 20.5 to 22.5 percent and organic revenues growth of 13 to 15 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $10.25 per share on revenue growth of 21.60 percent to $3.56 billion for the year. Analysts' estimates typically exclude special items.

For the third quarter, the company reported the net income attributable to common shareholders of $103.43 million or $2.01 per share, compared to net income of $102.91 million or $2.03 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $2.70 per share, compared to $2.33 per share in the year-ago quarter.

Total revenue for the quarter increased 20.5 percent to $895.94 million from $743.30 million in the same quarter last year. Organic revenue growth was 13.6 percent, driven by contributions from all three business segments.

The Street was looking for earnings of $2.58 per share on revenues of $903.20 million for the quarter.

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