DOW JONES NEWSWIRES
Patterson Cos. (PDCO) projected fiscal third-quarter results
behind analysts' forecasts and reduced its earnings view for the
year, saying sales of its dental equipment were much softer than
expected.
The wholesaler of dental, veterinary and other products posted
an 8.1% fiscal second-quarter profit increase in November on
continued strength in its dental supply business. But that business
underperformed in the third quarter, the company said.
For the quarter ended Jan. 29, Patterson expects 46 cents to 47
cents a share in earnings on $825 million in sales, compared with
47 cents a share and $820.1 million the prior year. Analysts polled
by Thomson Reuters most recently forecast a per-share profit of 51
cents on $866 million in revenue.
The company also cut its full-year profit guidance to $1.86 to
$1.88 a share, down from its November estimate of $1.89 to $1.99 a
share.
Shares of the company, which plans to release results Thursday,
closed at $34.36 Thursday and were inactive premarket. The stock
has gained 20% over the past three months.
-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909;
Andrew.FitzGerald@dowjones.com