Henry Schein Profit Drops

The first quarter beats by a penny, though.
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Henry Schein's

(HSIC) - Get Report

first-quarter earnings fell 47.3% from a year ago.

The Melville, N.Y.-based healthcare products supplier made $16.26 million, or 18 cents a share, in the quarter, compared with $30.87 million, or 35 cents a share, a year ago. The company earned 40 cents a share on a continuing operations basis, up from 35 cents a share a year ago. Analysts surveyed by Thomson First Call were expecting earnings of 39 cents a share in the most recent quarter.

Revenue rose 9.3% from a year ago to $1.162 billion. Analysts were expecting revenue of $1.172 billion.

For the full year 2006 the company expects to earn $2.08 a share to $2.14 a share, including stock option expense. Analysts were forecasting earnings of $2.13 a share.

Gross profit rose 12% to $337.6 million and gross profit margin increased 70 basis points to 29.1% for the most recent quarter.

Dental sales increased 10.4%, medical sales increased 6.8%, international sales increased 10.3% and sales from the technology segment increased 8.6%.

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