While reporting financial results for the first quarter on Tuesday, health care company Henry Schein, Inc. (HSIC) trimmed its adjusted earnings guidance for the full year 2023, reflecting an estimated $0.05 to $0.10 first year dilution from the Biotech Dental acquisition.
For fiscal 2023, the company now projects earnings in a range of $5.18 to $5.35 per share on net sales growth of 1 to 3 percent.
Previously, the company expected earnings in a range of $5.25 to $5.42 per share on net sales growth of 1 to 3 percent.
On average, 14 analysts polled by Thomson Reuters expect the company to report earnings of $5.33 per share on net sales growth of 1.4 percent to $12.83 billion for the year. Analysts' estimates typically exclude special items.
For the first quarter, the company reported net income attributable to the company of $121 million or $0.91 per share, sharply down from $181 million or $1.30 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter were $1.21 per share, compared to $1.44 per share in the year-ago quarter.
Total net sales declined 3.8 percent to $3.06 billion from $3.18 billion in the same quarter last year. Internal sales increased 6.3 percent in local currencies, excluding sales of personal protective equipment (PPE) products and COVID-19 test kits.
The Street was looking for earnings of $1.23 per share on net sales of $3.09 billion for the quarter.
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