Patterson Companies Hits 52-Week Low After Quarterly Profits Fall 25%, Sticks To Annual Guidance

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  • Patterson Companies Inc PDCO reports Q1 FY23 sales of $1.52 billion, down 5.7% Y/Y, missing the consensus of $1.61 billion.
  • The Adjusted EPS reached $0.32, missing the consensus of $0.38 and lower than the $0.43 posted a year ago.
  • The company said the decrease in net income is primarily due to the impact of the extra selling week in Q1 of FY22 and the timing of certain expense items compared to the prior year period.
  • Dental segment sales reached $557.9 million. Internal sales decreased 0.9% Y/Y, including a 2.7% decline in consumables due to the expected moderation of infection control products compared to the pandemic-related performance last year.
  • Animal Health segment sales reached $960.4 million. Internal sales growth of 5.7% was driven by growth in companion and production animal segments. 
  • The gross margin improved to 20.5% from 17.2% a year earlier.
  • The company returned $40.4 million to shareholders through dividends and share repurchases.
  • Guidance: Patterson Companies reaffirmed FY23 adjusted EPS of $2.25 - $2.35 versus the consensus of $2.30.
  • Price Action: PDCO shares are down 5.36% at $26.40 on the last check Thursday.
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