Charles River Laboratories (CRL) Q1 2022 Earnings Call Transcript

For the period ending March 26, 2022

May 4, 2022 9:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Charles River Laboratories First Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to our host, Todd Spencer, Vice President of Investor Relations. Please go ahead.

Todd Spencer

Thank you, Lisa. Good morning, and welcome to Charles River Laboratories first quarter 2022 earnings conference call and webcast.

This morning, I'm joined by Jim Foster, Chairman, President and Chief Executive Officer; David Smith, Executive Vice President and Chief Financial Officer; and Flavia Pease, Executive Vice President and incoming Chief Financial Officer. They will comment on our results for the first quarter of 2022. Following the presentation, they will respond to questions.

There is a slide presentation associated with today's remarks, which is posted on the Investor Relations section of our website at ir.criver.com. A webcast replay of this call will be available beginning approximately two hours after the call today and can be accessed on our Investor Relations website. The replay will be available through next quarter's conference call.

I'd like to remind you of our Safe Harbor. All remarks that we make about future expectations, plans and prospects for the company constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated.

During this call, we will primarily discuss non-GAAP financial measures, which we believe help investors gain a meaningful understanding of our core operating results and guidance. The non-GAAP financial measures are not meant to be considered superior to or a substitute for results from operations prepared in accordance with GAAP. In accordance with Regulation G, you can find the comparable GAAP measures and reconciliations on the Investor Relations section of our website.

I will now turn the call over to Jim Foster.

James Foster

Thank you, Todd. Good morning. We're pleased to report solid financial results for the first quarter that were precisely in line with our expectations. Organic revenue growth was slightly below the 10% level. Operating margin improved by 70 basis points year-over-year, and earnings per share growth was in the high single-digits.