Healthcare firm Patterson Companies, Inc. (PDCO) reported Thursday better-than-expected fourth-quarter results, helped by a 6 percent growth in net sales.
Scott Anderson, president and chief executive officer of the company said, "We are encouraged by Patterson's improved fourth quarter results as each of our three businesses operated at planned levels despite persistently soft economic conditions."
Sales of Patterson Dental, the company's largest business, increased 4 percent from last year and sales of Patterson Medical, the rehabilitation supply and equipment unit, rose 3 percent from the prior year.
"Patterson Medical's fourth quarter performance was paced by above-plan sales of consumables in the North American market. However, this unit's equipment business continues to be affected by the uncertainty associated with changes in the U.S. health care system," Anderson added. The company said it expects the impact of the situation likely persist in fiscal 2013.
Patterson's quarterly net income declined to $62.14 million from $62.71 million reported last year. On a per share basis, earnings rose to $0.58 per share from $0.53 per share on lower share count.
Net income for the recent quarter included an incremental expense of $0.03 per share related to Patterson's Employee Stock Ownership Plan, or ESOP. Excluding this, earnings were $0.61 per share. On average, 14 analysts polled by Thomson Reuters expected the company to earn $0.56 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter grew 6 percent year-over-year to $936.33 million, which also exceeded analysts' estimate of $915.62 million.
Meanwhile, the company's operating expenses were $210.87 million, higher than $199.82 million a year earlier.
For the 12 months ended April 28, 2012, the company posted net income of $212.82 million or $1.92 per share, compared to a net income of $225.38 million or $1.89 per share in the prior year. Excluding ESOP-related expense of $0.13 per share, earnings for fiscal 2012 were $2.05 per share.
Annual sales grew 4 percent to $3.54 billion from $3.42 billion in the preceding year.
Looking ahead to fiscal 2013, Patterson expects earnings to be in the range of $2.10 to $2.16 per share. Analysts are looking for earnings of $2.13 per share.
PDCO is currently trading at $33.59, up 2.82 percent on the Nasdaq.
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