May 4, 2021 -- Sales gains across all three of its business segments helped drive Charles River Laboratories to a 16.6% increase in revenue in its 2021 first quarter.
Charles River had first-quarter revenue of $824.6 million, up from $707.1 million reported in the first quarter of 2020. The company's research models and services segment produced a 21.2% increase in revenue, while the discovery and safety assessment segment climbed 14.2% and the manufacturing and support segment generated a 19.7% increase in revenues. Overall, the contract research organization had first-quarter net income of $61.5 million, compared with $50.8 million a year ago.
Based on the strong first quarter, Charles River is raising its forecast for the year. The company said it now expects to achieve 2021 revenue growth of 19%-21%, up from the previous expectation of 16%-18% growth. Nongenerally accepted accounting principles (GAAP) earnings per share is also now expected to range between $9.75-$10, up from the prior forecast of $9-$9.25, Charles River said.
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