Patterson Cos. 4Q profit was flat, missing expectations

  • Updated: May 22, 2014 - 9:13 PM

Patterson Cos. Inc. said Thursday that its fiscal fourth-quarter profit was flat, citing the effect of the severe winter for a performance that fell short of Wall Street expectations.

The St. Paul-based supplier of dental and veterinary products earned an adjusted 61 cents a share in the three months ended April 26.

The company’s guidance for the new fiscal year came in below expectations and investors sent the company’s stock down $1.80, or 4.4 percent, to $39.23.

Patterson said it expects 2015 adjusted earnings of $2.20 to $2.30 a share, below analysts’ consensus of $2.38 a share.

For the just-ended quarter, net earnings amounted to $55.7 million, or 55 cents per share. Revenue was $1.1 billion, up 14 percent from a year ago.

“The impact of the severe winter weather and currency fluctuations combined to constrain our performance,” CEO Scott Anderson said. “However, as we entered the spring months, activity has normalized.”

Fourth-quarter net earnings also were reduced by 2 cents a share as a result of investments in a global information technology initiative to accommodate anticipated future growth, the company said.

For the full fiscal year, Patterson said it earned $200.6 million, or $1.97 per share, on revenue of $4.1 billion. That’s compared with the $210 million it earned on revenue of $3.6 billion in the 12 months that ended in April 2013.

Steve Alexander

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