Patterson Companies Initiates FY23 Earnings Guidance

(RTTNews) - Patterson Companies, Inc. (PDCO) said it delivered an excellent fourth quarter, culminating a year in which the company delivered both top and bottom line growth that exceeded its expectations. The company's fiscal 2023 guidance anticipates delivering year-over-year revenue growth and operating margin expansion.

For fiscal 2023, the company projects: GAAP earnings to be in the range of $1.96 to $2.06 per share; and non-GAAP adjusted earnings to be in the range of $2.25 to $2.35 per share. Analysts polled by Thomson Reuters expect the company to report profit per share of $2.24. Analysts' estimates typically exclude special items.

Fourth quarter adjusted net income attributable to Patterson was $70.4 million or $0.71 per share, compared to $36.6 million or $0.38 per share, an 86.8 percent increase year-over-year. Analysts on average had expected the company to earn $0.55 per share, according to figures compiled by Thomson Reuters.

Reported net income attributable to Patterson was $63.9 million, or $0.65 per share, compared to $28.8 million, or $0.30 per share, last year.

Consolidated net sales were $1.64 billion, an increase of 4.9 percent. Internal sales increased 5.1 percent. Analysts on average had estimated $1.59 billion in revenue.

Shares of Patterson Companies are up 3% in pre-market trade on Wednesday.