Patterson Cos. Q2 Profit Rises, Tops Estimates; Reaffirms FY23 Outlook
(RTTNews) - Patterson Cos. Inc. (PDCO) reported Thursday that second-quarter net income attributable to the company grew to $54.07 million or $0.55 per share from $48.33 million or $0.49 per share in the prior-year quarter.
Excluding items, adjusted net income attributable to Patterson was $0.63 per share, compared to $0.58 per share in the year-ago quarter.
Consolidated net sales for the quarter declined 1.4 percent to $1.63 billion from $1.65 billion in the same quarter last year.
On average, ten analysts polled by Thomson Reuters expected the company to report earnings of $0.57 per share on sales of $1.67 billion for the year. Analysts' estimates typically exclude special items.
Internal sales, which are adjusted for the effects of currency translation, increased 0.7 percent.
Looking ahead to fiscal 2023, the company continues to project earnings in a range of $1.96 to $2.06 per share and adjusted earnings in a range of $2.25 to $2.35 per share. The Street is looking for earnings of $2.26 per share for the year.
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