Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Business
Vandana Singh

Why Patterson Companies Shares Are Surging Today

  • Patterson Companies Inc (NASDAQ:PDCO) reports Q4 FY22 sales of $1.64 billion, +4.9% Y/Y, beating the consensus of $1.59 billion.
  • Dental segment sales reached $636.4 million. Internal sales increased 3.4% Y/Y, including a 0.8% decline in consumables due to the expected moderation of infection control products compared to the pandemic-related performance last year.
  • "Patterson delivered an excellent fourth quarter, culminating a year in which we delivered both top and bottom-line growth that exceeded our expectations," said Mark Walchirk, President and CEO.
  • Animal Health segment sales reached $1 billion. Internal sales growth of 7.6% was driven by continued strong performance in companion and production animals. 
  • The gross margin improved to 21.2% from 19.5% a year earlier.
  • Patterson reported an adjusted EPS of $0.71, surpassing the consensus of $0.55, almost double from $0.38 posted a year ago.
  • The company returned $136.1 million to shareholders in fiscal 2022 through dividends and share repurchases.
  • Guidance: Patterson Companies expects FY23 adjusted EPS of $2.25 - $2.35, versus the consensus of $2.24.
  • Price Action: PDCO shares are up 9.98% at $30.75 during the premarket session on the last check Wednesday.
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.