Henry Schein, Inc. (HSIC), a provider of health care products and services to office-based dental, medical and animal health practitioners, Tuesday reported an increase in net income for the first quarter. However, on an adjusted basis, earnings per share missed the Street estimates by a penny. The firm also affirmed the fiscal-year outlook.
The company reported net income of $91.5 million or $1.03 per share, compared with $80.7 million or $0.89 per share during the corresponding quarter last year. Excluding non-cash, one-time expenses related to refinancing the Butler Schein Animal Health debt of $6.2 million pre-tax, the company recorded net income of $94.2 million or $1.06 per share. On average, fifteen analysts polled by Thomson Reuters expected earnings per share of $1.07 for the first quarter. Analysts' estimates typically exclude one-time items.
The firm generated net sales of $2.3 billion, a 9.3 percent increase from the prior year's figure of $2.1 billion. Analysts estimated the firm to report revenues of $2.25 billion for the quarter.
For the full year, the firm affirmed its earnings guidance, still expecting it to be in the range of $4.81 to $4.91 per share, while the Street expects earnings of $4.87 per share for the year.
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