Patterson Cos. (PDCO) Tops Q2 EPS by 25c, Revenues Beat

Patterson Cos. (NASDAQ: PDCO) reported Q2 EPS of $0.63, $0.25 better than the analyst estimate of $0.38. Revenue for the quarter came in at $1.55 billion versus the consensus estimate of $1.41 billion.

• Reported net sales increased 9.5 percent year-over-year to $1.55 billion, and internal sales increased 9.0 percent.
• Adjusted operating margin increased by 130 bps to 5.3 percent.
• Dental segment internal sales increased 12.1 percent driven by strong sales growth across consumables, equipment and value-added services.
• Animal Health segment internal sales increased 6.9 percent due to strong Companion Animal performance and growth in the Production Animal business.
• Delivered second-quarter GAAP earnings of $0.56 per diluted share and adjusted earnings1 of $0.63 per diluted share, an increase of 62 percent.

“Patterson’s strong revenue growth and adjusted earnings in the second quarter reflect the resilience of our customers and the focus and dedication of our team as we continue to successfully execute our strategy,” said Mark Walchirk, President and CEO of Patterson Companies. “Despite the disruption of the COVID-19 pandemic, focused investments in our people, technology and services have enabled us to deepen our partnerships with our customers and continue the sales momentum we are building across our Dental and Animal Health businesses.

“I am incredibly proud of the entire Patterson team and our ongoing efforts to protect employee health and safety while ensuring business continuity and support for our customers. I am confident in our ability to drive long-term value by capitalizing on opportunities as business conditions continue to improve in our end markets, while remaining prepared to address challenges related to the pandemic as the situation evolves.”

Fiscal 2021 Guidance

Due to the continued uncertainty surrounding the COVID-19 pandemic and its impact on business operations, Patterson is not providing fiscal 2021 financial guidance at this time.

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

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