Note: EPS may not be comparable

Patterson Cos. (NASDAQ: PDCO) reported Q3 EPS of $0.43, $0.09 worse than the analyst estimate of $0.52. Revenue for the quarter came in at $1.38 billion versus the consensus estimate of $1.38 billion.

• Reported net sales totaled $1.38 billion.
• GAAP earnings from continuing operations increased to $1.18 per diluted share.
• Adjusted earnings1 from continuing operations declined to $0.43 per diluted share.
• Company revises fiscal 2018 outlook and now expects adjusted earnings1 from continuing operations to be in the range of $1.65 to $1.70 per diluted share.
• Announces CFO transition.

FY2018 Guidance

Patterson today revised its fiscal 2018 earnings guidance from continuing operations, which is provided on both a GAAP and non-GAAP adjusted1 basis:

• GAAP earnings from continuing operations are now expected to be in the range of $2.13 to $2.18 per diluted share.
• Non-GAAP adjusted earnings1 from continuing operations for fiscal 2018 are now expected to be in the range of $1.65 to $1.70 per diluted share.
• Our non-GAAP adjusted earnings1 guidance excludes the after-tax impact of:
  • Deal amortization expense of approximately $26.9 million ($0.29 per diluted share);
  • Integration and business restructuring expenses of approximately $5.7 million ($0.06 per diluted share);
  • Provisional net tax benefit related to the 2017 Tax Act of approximately $77.3 million ($0.83 per diluted share).

GUIDANCE:

Patterson Cos. sees FY2018 EPS of $1.65-$1.70, versus the consensus of $2.10.

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