Mendota Heights-based Patterson Co.'s solid fourth-quarter earnings were driven by double-digit sales increases for its dental supplies.
The sales are a boon to a company remaking itself through a series of acquisitions and divestitures designed to sharpen Patterson's focus on distributing dental supplies and tools and equipment for the veterinary market.
Sales rose 4.2 percent to $1.1 billion for the quarter ended April 25, the company reported Thursday. Profits rose nearly 16 percent to $64.5 million, or 65 cents a share, which met analysts' expectations.
Still, the stock fell 24 cents to close at $47.17 per share Thursday.
Of the company's three key divisions, dental supplies proved the quarter's key driver, with sales increasing 10.3 percent to $671 million during the quarter. That unit currently represents about 59 percent of total company sales.
Veterinary supplies sales rose 2.7 percent to $376 million during the quarter, while the Patterson Medical unit saw sales rise 3.7 percent to $113 million.
Earlier this month, Anderson announced that Patterson will pay $1.1 billion in cash for Animal Health International.
For full year 2015, Patterson reported an 8.7 percent jump in sales to $4.4 billion and adjusted profits that rose 5.7 percent to $226.2, or $2.27 per share. Adjusted profits exclude the restructuring costs associated with buying of Animal Health and selling Patterson Medical.
For fiscal 2016, Patterson forecast full-year earnings of $2.40 to $2.50 per diluted share.
Dee DePass • 612-673-7725
