Patterson Companies Cuts FY17 Adj. EPS View As Q2 Results Miss Estimates

(RTTNews) - Patterson Companies, Inc. (PDCO), a distributor serving the dental, veterinary and rehabilitation supply markets, on Tuesday lowered its fiscal 2017 adjusted earnings view to reflect the company's current business environment and strategies.

The company now expects adjusted earnings to be in the range of $2.25 to $2.35 per share, compared to previous estimate of $2.60 - $2.70 per share.

On average, 14 analysts polled by Thomson Reuters expect earnings of $2.64 per share for the year. Analysts' estimates typically exclude special items.

Patterson introduced fiscal 2017 reported earnings per share view in the range of $1.65 to $1.75.

In its second quarter, net income was $45.76 million, or $0.48 per share, higher than last year's $35.42 million or $0.36 per share. The prior year's income from continuing operations was $42.6 million, or $0.43 per share.

Adjusted net income from continuing operations totaled $53.5 million, compared to $55.3 million last year. Adjusted earnings per share totaled $0.56, same as last year.

Reported net sales totaled $1.42 billion, up 2.1 percent from $1.39 billion last year. Sales grew 4.1 percent in constant currency.

Analysts expected earnings of $0.60 per share on sales of $1.44 billion for the quarter.

Further, the company said it elects not to extend the exclusive portion of its Sirona relationship after September 2017, but intends to remain a strategic partner and continue offering the full Sirona product line thereafter.