Patterson Cos. (PDCO) Misses Q4 EPS by 1c, Revenues Miss; Offers FY19 EPS Mid-Point Outlook Above Consensus

Patterson Cos. (NASDAQ: PDCO) reported Q4 EPS of $0.30, $0.01 worse than the analyst estimate of $0.31. Revenue for the quarter came in at $1.4 versus the consensus estimate of $1.43 billion.

• Fourth-quarter reported net sales totaled $1.4 billion.
• Fourth-quarter GAAP earnings from continuing operations of $0.23 per diluted share.
• Fourth-quarter adjusted earnings1 from continuing operations of $0.30 per diluted share.
• Generated $179 million of cash flow from operations during fiscal 2018.
• Company issues fiscal 2019 GAAP earnings range of $1.43 to $1.53 per diluted share and adjusted earnings1 range of $1.73 to $1.83 per diluted share.

“Our fourth-quarter results met our revised expectations and reflected the impact of ongoing challenges that the Company has been facing,” said Mark Walchirk, president and CEO of Patterson Companies. “Looking ahead, we are executing on a number of initiatives to stabilize the core business and build a stronger platform for fiscal 2019, and expect to return to profit growth in the second half of the year. These initiatives are focused on improving our revenue, margin and cash flow performance and unlocking the strength of our value proposition. We are confident that we are taking the right steps to improve performance and deliver shareholder value going forward.”

GUIDANCE:

Patterson Cos. sees FY2019 EPS of $1.73-$1.83, versus the consensus of $1.74.

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

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