Vet business drives Patterson's 1Q profit up 9.6%

Patterson Cos.'s fiscal first quarter profit grew 9.6%, led by gains in its veterinary supply and rehabilitation businesses.

Sales grew across all its businesses. The St. Paul-based company last August added U.K.-based National Veterinary Services Ltd., which doubled the size of its veterinary business and helped drive a 20 percent gain in overall sales.

For the three months ended July 26, Patterson said it earned $50.3 million, or 50 cents a share, in line with analysts' expectations. A year ago, the company earned $45.9 million, or 45 cents a share.

Revenue was $1.06 billion, up from $880 million a year ago.

Patterson shares were up 1.5 percent in afternoon trading.