business
Patterson misses on 1Q earnings, stock down 5.2%
- Article by: PATRICK KENNEDY , Star Tribune
- Updated: August 23, 2012 - 12:42 PM
Sales rose 4.9 % for the quarter and company affirms guidance for fiscal 2013.
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Patterson Companies Inc., the distributor of dental products, veterinarian and rehabilitation supplies, reported first quarter earnings that missed analysts expectations. Shares of the Mendota Heights-based company were down 5.2 percent, to $34.05 in morning trading.
For the first quarter ended July 28, the company reported earnings of $47.5 million, or 45 cents per share, compared to $48.6 million, or 42 cents per share. Consensus analysts expectation for the first quarter earnings per share were 49 cents, according to Bloomberg.
Sales for the quarter rose 4.9 percent to $889.2 million, slightly exceeded expectations of $883.7 million.
Though the company missed expectations it said it remains on target with its internal plan. "We are generally pleased with Patterson's on-plan first quarter results despite persistently soft economic conditions both in North America and our foreign markets," said Scott Anderson, president and chief executive officer, in the company's earnings statement. "Within Patterson Dental, sales of consumable supplies were below forecasted levels, and we are intensifying our focus on this key component of our sales mix."
Sales of consumable dental supplies and printed office products increased 1 percent in the quarter.
The company also affirmed its earnings guidance for the year, saying it remains on track to achieve $2.10 to $2.16 in earnings per share for fiscal 2013.
Patrick Kennedy • 612-673-7926
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