Patterson Companies Clocks 1.4% Top-Line Decline In Q2; Reaffirms FY23 Earnings Guidance - Patterson Cos (NASDAQ:PDCO)

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.