Patterson Cos. (PDCO) Misses Q2 EPS by 3c; Guides Below

Patterson Cos. (NASDAQ: PDCO) reported Q2 EPS of $0.51, $0.03 worse than the analyst estimate of $0.54. Revenue for the quarter came in at $1.4 billion versus the consensus estimate of $1.42 billion.

“Our performance during the 2018 second quarter reflected the impact of several strategic initiatives to position the company for growth, varied end-market conditions and the impact of hurricanes on sales volumes,” said James Wiltz, who served as interim president and chief executive officer during the quarter. “We have completed the U.S. rollout of our enterprise resource planning initiative – a very important milestone – and we will continue to refine this new operational platform. Our Animal Health segment results benefited from sales and marketing execution and favorable end-market fundamentals. Performance in our Dental segment reflected the near-term impact from our strategic initiatives as well as the stable end-market conditions. As previously announced, effective November 20, 2017, Mark Walchirk has joined us as our president and chief executive officer. On behalf of the board of directors, we are excited to welcome Mark to Patterson, and we look forward to his new leadership.”

GUIDANCE:

Patterson Cos. sees FY2018 EPS of $2.00-$2.10, versus the consensus of $2.29.

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

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