Patterson Co. Q1 Adj. Net Income Increases

(RTTNews) - Patterson Companies, Inc. (PDCO) Thursday announced a sharp decline in first quarter net income to $29.70 million from $50.29 million in the prior year. On a continuing operations basis, net income was $20.311 million or $0.20 per share compared to $38.33 million or $0.38 per share in the prior year. Adjusted net income from continuing operations was $46.9 million, up 17 percent from $40.25 million or $0.40 per share last year

On average, 13 analysts polled by Thomson Reuters expected the company to report $0.54 per share. Analysts estimates usually exclude special items.

Sales for the first quarter increased 22 percent to $1.1 billion. Wall Street was looking for $1.51 billion.

Looking ahead, the company expects adjusted earnings guidance range on a continuing operations basis to $2.40 to $2.50 per share.