Charles River Labs stock slides 6% premarket after company issues profit warning for Q2

Charles River Laboratories International Inc. shares slid 6% in premarket trade Wednesday, after the drug company issued a profit warning for the second quarter. The company is now expected adjusted per-share earnings to rise in the low-to-mid-single digits from the year-earlier period, down from prior guidance of mid-to-high-single-digit growth. It expects revenue to grow in the high single digits, down from prior guidance for low-to-double-digit growth. The change is primarily due to unfavorable currency movements, while its manufacturing growth rate is expected to be below the level of the first quarter. The company made the disclosure ahead of the presentation at a William Blair conference in Chicago on Thursday. Shares have fallen 34% in the year to date, while the S&P 500 has fallen 12.7%.

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