Patterson Q3 Profit Surges, Revises FY18 Guidance; CFO Ann Gugino Leaves

(RTTNews) - Patterson Co. Inc. (PDCO) Thursday reported a surge in third quarter net income to $109.0 million, or $1.18 per share from $24.54 million, or $0.26 per share a year ago. The company has recorded income tax benefit of $68.59 million in the latest quarter compared to an expenses of $8.38 million. On an adjusted basis, earnings from continuing operations were $39.6 million or $0.43 per share.

On average, 15 analysts polled by Thomson Reuters expected the company to earn $0.52 per share. Analysts estimates usually exclude special items.

Net sales for the quarter declined to $1.375 billion from $1.397 billion in the prior year. Wall Street was looking for $1.38 billion.

Looking ahead, the company revised its fiscal 2018 earnings guidance from continuing operations to a range of $2.13 to $2.18 per share. On an adjusted basis, earnings are expected to be in a range of $1.65 to $1.70 per share.

Further, Patterson announced that its CFO Ann Gugino leave as on March 1 and serve as special advisor until July 31, 2018. Dennis Goedken, corporate controller will serve as interim CFO in addition to his current role.