Medical equipment distributor Patterson Companies Inc. (PDCO) Tuesday reported a worse-than-expected drop in second-quarter profit, hurt by lower margins and lackluster sales of dental products. The company's quarterly earnings and sales badly missed Street estimates.
The company also slashed its outlook for the fiscal year 2013, citing weak economic conditions. Patterson shares lost more than 7 percent in midday trade on the Nasdaq.
Patterson distributes dental, veterinary, and rehabilitation supplies. Its quarterly results were hurt by a three percent drop in sales of dental equipment and software, as well as on $3 million of debt-related charges. The company also saw flat sales at its Medical unit.
The St. Paul, Minnesota-based company reported second-quarter sales of $867 million, a slight increase from $857 million last year. Analysts on consensus expected revenues of $895.46 million.
The company posted quarterly net income of $45.5 million or $0.44 per share, compared with $49 million or $0.43 per share last year. On average, 13 analysts polled by Thomson Reuters expected earnings of $0.49 per share for the quarter. Analysts' estimates typically exclude special items.
Earnings per share results for the quarter reflect a lower share count.
For the fiscal year 2013, Patterson now estimates earnings of $2.00 to $2.06 per share, down from its prior guidance of $2.10 to $2.16 per share. Analysts currently expect earnings of $2.12 per share for the year.
The company's stock is trading at $33.33, down $2.69 or 7.47%, on a volume of 1.5 million shares.
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