Charles River Labs cuts full-year outlook on weak demand; forecast falls below Street view

Charles River Labs cuts full-year outlook

WILMINGTON, Mass. — With sales and profit down the first half of the year, medical research equipment maker Charles River Laboratories International Inc. on Tuesday cut its guidance for the year.

The company now expects sales will be down between 7 and 9 percent, compared with the 2 to 7 percent drop it previously predicted. Based on the $1.34 billion sales the company reported for 2008, that implies sales expectations between $1.22 billion and $1.24 billion.

Analysts surveyed by Thomson Reuters, on average, expect sales of $1.25 billion, with estimates falling between $1.22 billion and $1.28 billion.

The company cut its profit forecast to a range of $1.78 to $1.90 per share, down from its prior projection of $1.86 to $2.16 per share. Wall Street, on average, expects profit of $2.42 per share, with estimates ranging between $2.32 and $2.48.