Patterson Companies Inc. Earnings: Booking a Profit Again

S&P 500 (NYSE:SPY) component Patterson Companies Inc. (NASDAQ:PDCO) reported its results for the fourth quarter, and is trading down 0.5% today despite beating estimates. Patterson Companies Inc. distributes dental, companion-pet veterinarian and rehabilitation supplies.

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Patterson Companies Earnings Cheat Sheet for the Fourth Quarter

Results: Net income for Patterson Companies Inc. rose to $62.7 million (53 cents/share) vs. $61.8 million (52 cents/share) in the same quarter a year earlier. A rise of 1.5% from the year earlier quarter.

Revenue: Rose 8.7% to $883.8 million YoY.

Actual vs. Wall St. Expectations: PDCO beat the mean analyst estimate of 51 cents/share. Estimates ranged from 50 cents per share to 52 cents per share. It beat the average revenue estimate of $844.8 million.

Quoting Management: Scott P. Anderson, president and chief executive officer, commented: “We are encouraged by the solid performances of our three businesses in the fourth quarter. We believe the fundamentals of the North American dental market are continuing to strengthen as evidenced by our improved consumables sales growth in recent periods. Given this market firming, we believe the improvement in our dental equipment business indicates that dentists are gradually becoming more confident about investing in their practices. Equipment sales also benefited from additional marketing programs implemented at the beginning of the quarter. As a result of these factors, we believe that we are rebuilding sales momentum in our dental equipment business.”

Key Stats:

Revenue has risen the past four quarters. Revenue increased 0.6% to $824.6 million in third quarter. The figure rose 5.2% in second quarter from the year earlier and climbed 7.6% in first quarter from the year-ago quarter.

The company topped expectations last quarter after falling short of forecasts in the third quarter with net income of 47 cents versus a mean estimate of net income of 48 cents per share.

The increase in profit last quarter comes after net income fell in the previous quarter. In the second quarter, net income declined 1.2% to $53.4 million.

Competitors to Watch: Henry Schein, Inc. (NASDAQ:HSIC), PSS World Medical, Inc. (NASDAQ:PSSI), Owens & Minor, Inc. (NYSE:OMI), Chindex Intl., Inc. (NASDAQ:CHDX), McKesson Corporation (NYSE:MCK), Lincare Holdings Inc. (NASDAQ:LNCR), AmerisourceBergen Corp. (NYSE:ABC), White Dental Supply Inc (WITD), Certified Diabetic Services Inc (CDIPQ), and E Med Future, Inc (EMDF).

Stock Performance: Shares of PDCO are down -.18 cents since the previous close of $35.13.

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(Sources: YahooFinance, Xignite Financials)