Patterson Companies Clocks 1.4% Top-Line Decline In Q2; Reaffirms FY23 Earnings Guidance

  • Patterson Companies Inc PDCO reported a second-quarter FY23 sales decline of 1.4% year-on-year, to $1.63 billion, missing the consensus of $1.67 billion.
  • Internal sales, which are adjusted for the effects of currency translation, increased 0.7%.
  • Gross profit rose 0.5% to $328.1 million with a margin of 20.2%.
  • Operating expenses increased 1.7% Y/Y to $267.9 million.
  • Operating margin was 3.7%, and operating income for the quarter fell 4.4% to $60.1 million.
  • Adjusted EPS of $0.63 beat the analyst consensus of $0.57.
  • The company held $140.3 million in cash and equivalents as of October 29, 2022.
  • Inventory at the end of Q2 gained 11.7% to $877.4 million.
  • Outlook: Patterson reaffirmed the FY23 adjusted EPS forecast of $2.25 - $2.35 against the consensus of $2.26.
  • Price Action: PDCO shares are trading higher by 1.55% at $28.88 on the last check Thursday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!