Patterson Cos. (PDCO) Misses Q2 EPS by 4c; Guides Lower

Patterson Cos. (NASDAQ: PDCO) reported Q2 EPS of $0.56, $0.04 worse than the analyst estimate of $0.60. Revenue for the quarter came in at $1.4 billion versus the consensus estimate of $1.44 billion.

GUIDANCE:

Patterson Cos. sees FY2017 EPS of $2.25-$2.35, versus the consensus of $2.64.

“Patterson Companies competes in two markets with attractive long-term fundamentals. The Dental business is positioned to benefit from favorable demographic trends, including an aging population. In Animal Health, the worldwide demand for protein will intensify; and consumers are increasing both their pet ownership and the dollars they spend on their pets. These are compelling trends. However, our markets are evolving, and we are adapting our strategies to take full advantage of new opportunities to deliver even greater value to our customers,” said Scott Anderson, chairman, president and chief executive officer.

Anderson continued, “During the second quarter, we continued to move Patterson’s growth agenda forward and, despite relatively stable yet challenging dental and animal health environments, we continued to make the necessary decisions to unlock growth potential for the long term. In our Dental segment, we expanded on our strategy to broaden our approach to the market, which resulted in a new relationship with Heartland Dental, the largest dental support organization in the U.S. In our Animal Health segment, our focus on sales execution is driving expansion and market-share gains.”

For earnings history and earnings-related data on Patterson Cos. (PDCO) click here.

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