Patterson Companies Inc. (NASDAQ:PDCO) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Patterson Companies Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 2.22% to $0.46 in the quarter versus EPS of $0.45 in the year-earlier quarter.
Revenue: Decreased 1.03% to $880.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Patterson Companies Inc. reported adjusted EPS income of $0.46 per share. By that measure, the company missed the mean analyst estimate of $0.48. It missed the average revenue estimate of $914.57 million.
Quoting Management: Patterson Companies Chairman and Chief Executive Officer Scott P. Anderson said: “While we knew the first quarter would be challenging, results were in line with our expectations. We lapped exceptionally strong prior-year gains from a CEREC® trade-up program in our dental segment. We are encouraged by the increased consumable sales in the quarter in our dental and veterinary businesses, which typically signal strengthening underlying market conditions. This, along with the growth initiatives we have under way, gives us confidence in our full-year outlook.”
Key Stats (on next page)…
Revenue decreased 8.79% from $964.93 million in the previous quarter. EPS decreased 25.81% from $0.62 in the previous quarter.
Looking Forward: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a profit of $0.47 and has not changed. For the current year, the average estimate has moved down from a profit of $2.19 to a profit of $2.17 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)