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June 23, 2021, 7:56 a.m. EDT

Patterson shares slide 11% premarket as profit and guidance fall short of estimates

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By Ciara Linnane

Patterson Cos. Inc. shares /zigman2/quotes/205416678/composite PDCO -1.60% tumbled 11% in premarket trade Wednesday, after the maker of dental and animal health products missed profit estimates for its fiscal fourth quarter and offered guidance that lagged consensus. St. Paul, Minn.-based Patterson said it had net income of $28.8 million, or 30 cents a share, in the quarter to April 24, after a loss of $608.6 million, or $6.44 a share, in the year-earlier period. Excluding deal amortization, integration and business restructuring expenses, an investment loss and goodwill impairment, adjusted per-share earnings came to 38 cents a share, below the 52 cents FactSet consensus. Sales of $1.56 billion were up 21.4% from a year ago and ahead of the $1.52 billion FactSet consensus. Dental sales came to $616 million, up from $409.6 million a year ago, and accounted for about 40% of total sales. Animal health sales came to $939.3 million, up from $853.2 million, and accounted for about 60% of total sales. The company is now expecting fiscal 2022 adjusted EPS of $1.90 to $2.05, below the current FactSet consensus of $2.10. Shares have gained 18.5% in the year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.65% has gained 13%.

/zigman2/quotes/205416678/composite
US : U.S.: Nasdaq
$ 29.52
-0.48 -1.60%
Volume: 526,379
Dec. 2, 2021 12:23p
P/E Ratio
17.40
Dividend Yield
3.51%
Market Cap
$2.92 billion
Rev. per Employee
$757,957
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/zigman2/quotes/210599714/realtime
US : S&P US
4,587.29
+74.25 +1.65%
Volume: 1.25B
Dec. 2, 2021 12:24p
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