Patterson Companies (PDCO) Q1 Earnings Meet Estimates
Zacks Investment Research | Aug 25, 2016 03:55AM ET
Patterson Companies Inc. (NASDAQ:PDCO) reported first-quarter fiscal 2017 adjusted earnings of 51 cents per share from continuing operations, which were in line with the Zacks Consensus Estimate. The figure also improved 8.5% year over year on higher sales.
Quarter Details
Net sales from continuing operations increased 16.6% (23.3% at constant exchange rate or CER) year over year to $1.33 billion, which beat the Zacks Consensus Estimate of $1.32 billion. The year-over-year improvement reflected robust performance by the Animal Health platform.
Coming to the Animal Health platform, sales at Patterson Companies’ this segment (57% of total sales) surged almost 36.8% on a year-over-year basis to $762.6 million on the back of a 38.3% increase in consumable products sales. Sales of equipment and software of this platform climbed 2.6% year over year. However, the other services and products on this platform witnessed a year-over-year decline of 9.1% in sales.
The year-over-year upside in this platform was driven by strong performance delivered by Patterson’s production animal business and the U.S. companion animal business. Livestock end markets also contributed to this platform’s growth in the reported quarter.
Sales in Patterson Companies’ Dental platform (43% of total sales) decreased 3.5% to $555 million approximately. However, sales grew 2.1% at CER. Consumable sales at the dental platform dropped 7% to $332.9 million on a year-over-year basis, while sales from other services and products decreased 3%. However, sales from dental equipment and software rose 5%..
Within the dental platform, management witnessed strong growth in equipment sales volumes as well as strong demand for technology adoption. Further, to address a transformation observed in the purchasing patterns of this platform’s customers, the company adopted the ‘go-to-market’ strategy. .
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