2023-06-21 10:04:28 ET
Shares of Patterson Companies ( NASDAQ: PDCO ) added ~14% on Wednesday to reach a new 52-week high after the healthcare distributor exceeded consensus estimates with its Q4 FY23 results and initial FY24 guidance.
The Saint Paul, Minnesota-based dental and animal health product distributor reported better than expected $1.7B in revenue for the quarter, indicating a ~5% YoY growth. Its Dental and Animal Health segments generated $683.5M and $1.0B in net sales with ~7% YoY and ~2% YoY growth, respectively.
Adjusted earnings for Q4 FY23 rose ~18% YoY to $0.84 per diluted share as operating income rose ~44% YoY to $105.1M.
Meanwhile, despite an extra week of sales in FY22, net sales for FY23 remained flat at $6.5B, while net sales from the Dental and Animal Health segments fell ~1% YoY each to $2.5B and ~$4.0B, respectively.
For the full year, adj. earnings rose ~7% YoY to $2.42 per diluted share while operating income jumped ~76% YoY to $276.0M.
During FY23, the company reached its “goals of delivering year-over-year internal sales growth and adjusted operating margin expansion for the business overall and across our Dental and Animal Health segments,” CEO Don Zurbay remarked.
Patterson Companies ( PDCO ) projects its adjusted earnings per diluted share to reach $2.45 – $2.55 in FY24 compared to $2.34 in the consensus.
More on PDCO
- Patterson acquires Relief Services, Animal Care Technologies
- Patterson Companies: Earnings Power, Asset Factors Suggest Mispricing
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Patterson Companies hits 52-week high after Q4 earnings beat