Patterson Companies, Inc. (PDCO) posted second-quarter net income of $45.54 million or $0.44 per share compared to $48.95 million or $0.43 per share a year ago. The company noted that net income in this year's second quarter was affected primarily by below-plan sales of dental equipment, as well as the absorption of $3.0 million of incremental interest expense related to Patterson's debt issuance in the third quarter of fiscal 2012.
Consolidated sales grew to $867.19 million from $856.88 million in the previous year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.49 per share on revenues of $895.46 million for the quarter. Analysts' estimates typically exclude special items.
Going ahead, reflecting the second quarter sales shortfall and outlook for continued economic uncertainty, Patterson reduced its previously-issued fiscal 2013 financial guidance of $2.10 to $2.16 per share to a new range of $2.00 to $2.06. Analysts expect the company to earn $2.12 per share for the year.
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