Patterson Companies Inc PDCO reported a net sales increase of 5% year-over-year to $1.72 billion for the fourth quarter of 2023, beating the consensus of $1.66 billion.
Internal sales, adjusted for the effects of currency translation and recent acquisitions, rose 5.7% Y/Y.
Gross profit rose to $389.8 million from $348.2 million a year ago.
The operating margin expanded 170bps Y/Y to 6.1%, with increased margins across the Dental and Animal Health segments.
Adjusted EPS of $0.84 beat the analyst consensus of $0.70.
For the fiscal year of 2023, Patterson returned $156.8 million to shareholders via dividends and share repurchases.
At the end of FY23, the company had around $410 million worth of shares remaining under its current share repurchase authorization.
The company held $159.7 million in cash and cash equivalents as of April 29.
Inventory at the end of FY23 stood at $795.1 million.
Outlook: Patterson expects the FY24 adjusted EPS forecast of $2.45 to $2.55 against the consensus of $2.34.
"Our results demonstrate our team's outstanding performance throughout fiscal 2023, and the impact of our ongoing initiatives to deepen the value proposition we offer customers and drive margin expansion through improved mix and greater operational efficiency," said CEO Don Zurbay. "As we enter fiscal 2024, we remain focused on executing our proven strategy and building upon our momentum to deliver continued growth and value creation."
Price Action: PDCO shares are trading higher by 9.34% at $30.90 premarket on the last check Wednesday.
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