Patterson Companies Q2 Profit Drops; Backs FY14 View - Quick Facts

(RTTNews) - Patterson Companies, Inc. (PDCO), Thursday reported a decrease in its second-quarter net income, that included restructuring costs of $6.65 million. On an adjusted basis, earnings per share exceeded the Street estimates. The company confirmed its full-year 2014 outlook.

For the three-month period, the company reported net income of $42.02 million or $0.41 per share, compared with $45.5 million or $0.44 per share. The company said its investment in information technology lowered earnings per share by about $0.02.

Excluding costs related to the Medical unit restructuring, earnings were $48.7 million or $0.48 per share. On average, fifteen analysts polled by Thomson Reuters expected the company to report earnings per share of $0.47 for the quarter. Analysts' estimates typically exclude one-time items.

Net sales rose to $998.8 million, from prior year's $867.1 million. The revenues included contribution of $117.7 million from the acquisition of National Veterinary Services Limited. Analysts expected the company to generate revenue of $1 billion for the quarter. For the full-year 2014, the company said it still expects earnings between $2.13 and $2.24 per share. This includes a $0.03 to $0.04 per share contribution from the NVS acquisition, while it excludes non-recurring restructuring costs for Patterson Medical of about $0.12 per share. Analysts expect the company to report earnings of $2.18 per share.