Charles River Laboratories International, Inc. Q4 FY2023 results: revenue $1.0 billion, down 7.9% on the year

Charles River Laboratories International, Inc. (CRL) reported revenue of $1.0 billion for Q4 FY2023, the quarter ended 30 December 2023, down 7.9% on the same quarter a year earlier. Net income was $187 million, down 0.2% on the year, and diluted earnings per share $3.63. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2024.

Revenue$1.0 billiondown 7.9%

Net income$187 milliondown 0.2%

Diluted EPS$3.63

QuarterQ4 FY2023ended 30 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	1,013	1,027	n/a	n/a
Cost of revenue	n/a	665	n/a	n/a
Gross profit	n/a	362	n/a	n/a
Gross margin	n/a	35.2%	n/a
Selling, general and administrative	197	176	n/a	n/a
Operating income	133	152	n/a	n/a
Operating margin	13.1%	14.8%	n/a
Interest expense	33.5	33.7	n/a	n/a
Income tax	19.8	24.9	n/a	n/a
Net income	187	87.4	n/a	n/a
Net margin	18.5%	8.5%	n/a
Diluted EPS	$3.63	$1.69	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	221	205	n/a	n/a
Capital expenditure	78.3	65.9	n/a	n/a
Free cash flow	143	140	n/a	n/a
Free cash flow margin	14.1%	13.6%	n/a
Depreciation and amortisation	80.5	78.9	n/a	n/a
Share-based compensation	19.5	22.8	n/a	n/a
Buybacks	0.1	0.0	n/a	n/a
Diluted shares, weighted	51m	52m	n/a	n/a
Shares outstanding at period end	51m	51m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	8,195	7,607	n/a	n/a
Cash and equivalents	277	157	n/a	n/a
Receivables	780	799	n/a	n/a
Inventory	380	293	n/a	n/a
Goodwill	3,095	2,885	n/a	n/a
Long-term debt including finance leases	2,647	2,514	n/a	n/a
Borrowings, as the company tags them	2,639	n/a	n/a	n/a
Operating lease liabilities	419	390	n/a	n/a
Finance lease liabilities	26.2	n/a	n/a	n/a
Shareholders' equity	3,597	3,306	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,027	1,013	1,012	1,026	1,010	1,003	984	1,032	1,005	994	996	1,004
Cost of revenue	665	n/a	667	672	661	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Gross profit	362	n/a	345	354	349	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Gross margin	35%	n/a	34%	34%	35%	n/a	n/a	n/a	n/a	n/a	n/a	n/a
SG&A	176	197	186	170	199	196	178	192	178	196	159	229
Operating income	152	133	126	152	117	-168	74.7	100	134	-283	120	120
Operating margin	15%	13%	12%	15%	12%	-17%	8%	10%	13%	-29%	12%	12%
Interest expense	33.7	33.5	35.0	32.8	30.3	28.2	27.9	30.0	25.4	23.8	26.7	30.3
Net income	87.4	187	73.0	94.1	69.7	-214	25.5	52.3	54.4	-277	-14.8	-1.5
Net margin	9%	18%	7%	9%	7%	-21%	3%	5%	5%	-28%	-1%	-0%
Diluted EPS	$1.69	$3.63	$1.30	$1.74	$1.33	-$4.17	$0.50	$1.06	$1.10	-$5.57	-$0.30	-$0.03
Operating cash flow	205	221	130	194	252	159	172	205	214	148	41.1	180
Capital expenditure	65.9	78.3	79.1	39.5	38.7	75.6	59.3	35.3	35.6	89.0	55.9	31.1
Free cash flow	140	143	50.7	154	213	83.7	112	169	178	58.6	-14.8	149
Buybacks	0.0	0.1	9.4	8.9	101	0.1	353	7.4	0.1	0.1	208	116
Shares outstanding	51m	51m	52m	52m	51m	51m	49m	49m	49m	49m	48m	48m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 30 December 2023, filed 14 February 2024, accession 0001100682-24-000007: the filing on EDGAR. All of Charles River Laboratories International, Inc.'s filings: EDGAR company page.

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