Why Patterson Companies Shares Are Surging Today - Patterson Cos (NASDAQ:PDCO)

Patterson Companies Inc PDCO reports Q4 FY22 sales of $1.64 billion, +4.9% Y/Y, beating the consensus of $1.59 billion.
Dental segment sales reached $636.4 million. Internal sales increased 3.4% Y/Y, including a 0.8% decline in consumables due to the expected moderation of infection control products compared to the pandemic-related performance last year.
"Patterson delivered an excellent fourth quarter, culminating a year in which we delivered both top and bottom-line growth that exceeded our expectations," said Mark Walchirk, President and CEO.
Animal Health segment sales reached $1 billion. Internal sales growth of 7.6% was driven by continued strong performance in companion and production animals.
The gross margin improved to 21.2% from 19.5% a year earlier.
Patterson reported an adjusted EPS of $0.71, surpassing the consensus of $0.55, almost double from $0.38 posted a year ago.
The company returned $136.1 million to shareholders in fiscal 2022 through dividends and share repurchases.
Guidance: Patterson Companies expects FY23 adjusted EPS of $2.25 - $2.35, versus the consensus of $2.24.
Price Action: PDCO shares are up 9.98% at $30.75 during the premarket session on the last check Wednesday.