Charles River shares tumble on weak 2013 outlook
WILMINGTON, Mass. (AP) — Charles River Laboratories International Inc. on Wednesday projected an adjusted profit for 2013 below current Wall Street expectations, sending its shares down in morning trading.
The medical research equipment and services provider said it has taken steps to boost its product lineup and operating efficiency, which should results in sales growth of between 3 and 5 percent on a constant currency basis.
The company projected adjusted earnings from continuing operations of $2.80 to $2.90 per share, but analysts polled by FactSet expect a 2013 profit of $3.01 per share, on average.
Charles River also said it now expects its adjusted 2012 earnings to come in at the lower half of its previously forecasted range of $2.68 to $2.73 per share. Analysts expect a profit of $2.73 per share.
Charles River shares dropped $3.58, or 9.1 percent, to $35.72 in heavy morning trading, after dipping as low as $35.60 earlier in the session. Over the past 52 weeks, the company's shares have traded between $25.52 and $41.64.