Patterson Companies Updates FY22 Earnings Guidance

Patterson Companies, Inc. (PDCO) said, for fiscal 2022, the company now expects non-GAAP adjusted earnings to be in the range of $2.08 to $2.13 per share, compared to prior guidance of $2.00 to $2.10 per share. Analysts polled by Thomson Reuters expect the company to report profit per share of $2.07. Analysts' estimates typically exclude special items. The company also raised its fiscal 2022 GAAP earnings guidance range to $1.86 to $1.91 per share.

"We are again raising our adjusted EPS guidance expectations for fiscal 2022 to reflect our confidence in the continued momentum of our business and the positive fundamentals in our end markets," said Mark Walchirk, President and CEO of Patterson Companies.

Adjusted net income were $54.2 million for the third quarter of fiscal 2022, or $0.55 per share, compared to $55.8 million or $0.58 per share, prior year. The company noted that the year-over-year decrease in adjusted net income is primarily due to an effective tax rate that was 450 bps lower in the prior year period. Analysts on average had expected the company to earn $0.50 per share, according to figures compiled by Thomson Reuters.

Third quarter reported net income was $57.0 million, or $0.58 per share, compared to $48.8 million, or $0.50 per share, last year.

Third quarter consolidated net sales were $1.60 billion, an increase of 2.9 percent from last year. Internal sales were up 4.3 percent. Analysts on average had estimated $1.63 billion in revenue.

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