Charles River Laboratories International (CRL) FY2019 results: revenue $2.6 billion, up 15.7% on the year
Charles River Laboratories International, Inc. (CRL) reported revenue of $2.6 billion for fiscal 2019, the year ended 28 December 2019, up 15.7% on the year before. Net income was $252 million, up 11.3%, and diluted earnings per share $5.07. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2020.
Revenue
$2.6 billion
+15.7% on the year
FY2012FY2019
Operating margin
13.4%
14.6% a year earlier
FY2012FY2019
Net income
$252 million
+11.3% on the year
FY2012FY2019
Diluted EPS
$5.07
+9.7% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
2,621
2,266
1,858
+15.7%
Cost of revenue
1,663
1,426
1,155
+16.6%
Gross profit
958
840
702
+14.1%
Gross margin
36.6%
37.1%
37.8%
Selling, general and administrative
518
444
371
+16.6%
Operating income
351
331
288
+6.0%
Operating margin
13.4%
14.6%
15.5%
Interest expense
60.9
63.8
29.8
-4.5%
Pre-tax income
304
282
297
+8.0%
Income tax
50.0
54.5
171
-8.2%
Effective tax rate
16.5%
19.3%
57.7%
Net income
252
226
123
+11.3%
Net margin
9.6%
10.0%
6.6%
Diluted EPS
$5.07
$4.62
$2.54
+9.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
481
441
318
+9.0%
Capital expenditure
141
140
82.4
+0.3%
Free cash flow
340
301
236
+13.1%
Free cash flow margin
13.0%
13.3%
12.7%
Cash from investing
-682
-955
-72.6
Cash from financing
232
558
-208
-58.4%
Depreciation and amortisation
198
162
131
+22.4%
Share-based compensation
57.3
47.3
44.0
+21.0%
Buybacks
18.1
13.8
107
+30.6%
Diluted shares, weighted
50m
49m
49m
+1.4%
Shares outstanding at period end
49m
48m
47m
+1.5%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,635
1,317
1,045
+24.1%
Non-controlling interest
3.2
2.4
2.3
+32.6%
Redeemable equity
28.6
18.5
16.6
+54.6%
Debt
1,888
1,668
1,145
+13.2%
Operating lease liabilities
116
n/a
n/a
Finance lease liabilities
27.5
n/a
n/a
Other liabilities
994
850
721
+17.0%
Total liabilities and equity
4,693
3,856
2,930
+21.7%
Fixed assets
1,044
933
782
+11.9%
Goodwill
1,541
1,247
805
+23.5%
Intangible assets
689
611
370
+12.9%
Investments
0.9
0.9
28.5
+6.3%
Cash and equivalents
238
195
164
+21.8%
Receivables
514
472
430
+8.8%
Inventory
161
128
115
+25.6%
Other assets
505
269
236
+88.1%
Total assets
4,693
3,856
2,930
+21.7%
10-K for the year ended 28 December 2019, filed 11 February 2020: the filing.