UPDATE 1-Charles River posts Q1 profit, backs '09 view
* Q1 EPS beats estimates by 5 cents, but rev falls short
* Backs '09 view as pricing and bookings stabilize
* Shares up 6 pct
May 5 (Reuters) - Charles River Laboratories International Inc (CRL.N) reported a 42 percent drop in quarterly profit, but it backed its 2009 view, saying pricing and bookings have stabilized.
The preclinical drug-testing services firm, which has been hit hard by the softening demand for early-stage services, saw first-quarter net income of $25.4 million, or 38 cents a share, compared with $44.1 million, or 63 cents a share, in the year-ago period.
Excluding items, it earned 58 cents a share for the latest quarter.
For 2009, Charles River expects adjusted earnings of $2.30 to $2.60 a share, but sees a 2 percent to 7 percent drop in sales.
"While visibility in the preclinical market remains limited, we are pleased to report that pricing, inquiry levels and bookings appear to have stabilized, although at lower levels than in the prior year," Chief Executive James Foster said in a statement.
Last week, bigger rival Covance Inc (CVD.N) cut its 2009 profit view, citing lower demand for its early stage services.
Other peers, including Kendle International Inc (KNDL.O) and Pharmaceutical Product Development Inc (PPDI.O) issued weak forecasts, citing project cancellations.
The company's shares, which closed at $27.83 Tuesday on the New York Stock Exchange, were up 6 percent to $29.50 in after-hours trade.
For the alerts, please click [ID:nWNAB3701] (Reporting by Esha Dey in Bangalore; Editing by Anil D'Silva)
