Patterson Companies Q3 Profit Rises; Narrows FY14 EPS Guidance Range

(RTTNews) - Patterson Companies, Inc. (PDCO) reported that its third-quarter net income increased to $57.02 million or $0.56 per share, from $53.63 million or $0.52 per share, last year. Excluding costs related to the Medical unit restructuring, net income was $57.9 million, or $0.57 per share, for the quarter.

On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $0.57 for the quarter. Analysts' estimates typically exclude special items.

Consolidated sales totaled $1.08 billion, an increase of 18.2 percent from $915.86 million in the year-earlier period. Analysts expected revenue of $1.07 bilion for the quarter.

The company noted that its fiscal 2014 third-quarter results included $145.5 million of consolidated sales and an earnings contribution of $0.01 per share from the acquisition of NVS, which closed on August 16, 2013. Fiscal 2014 third-quarter results reflect the first full-quarter contribution from NVS.

For fiscal 2014, the company narrowed its earnings guidance range to $2.13 to $2.20. The prior fiscal 2014 earnings guidance range was $2.13 to $2.24 per share. Analysts expect the company to report fiscal 2014 earnings per share of $2.16.