Patterson Companies Inc. Earnings Cheat Sheet: Net Income Falls

S&P 500 (NYSE:SPY) component Patterson Companies Inc. (NASDAQ:PDCO) reported its results for the first quarter. Patterson Companies Inc. distributes dental, companion-pet veterinarian and rehabilitation supplies.

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Patterson Companies Earnings Cheat Sheet for the First Quarter

Results: Net income for the medical equipment wholesale fell to $48.6 million (42 cents per share) vs. $53.9 million (45 cents per share) a year earlier. This is a decline of 9.9% from the year earlier quarter.

Revenue: Rose 6% on a comparable basis to $847.4 million from the year earlier quarter.

Actual vs. Wall St. Expectations: PDCO reported adjusted net income of 45 cents per share. By that measure, the company beat the mean estimate of 44 cents per share. It fell short of the average revenue estimate of $872.9 million.

Quoting Management: Scott P. Anderson, president and chief executive officer, commented: “Within Patterson Dental, sales of consumable supplies grew modestly on a comparable basis, as the market continues to be affected by a sluggish economy. Our dental equipment growth was driven by strong sales of our various new-technology equipment lines as dentists are continuing to invest in the digital conversion that is transforming the practice of dentistry.”

Key Stats:

The company has now beaten estimates the last two quarters. In the fourth quarter of the last fiscal year, it topped expectations with net income of 53 cents versus a mean estimate of net income of 51 cents per share.

Net income has increased 3.7% year over year on average across the last five quarters. The biggest gain came in the first quarter of the last fiscal year, when income climbed 19.7% from the year earlier quarter.

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).

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(Source: Xignite Financials)