Patterson Companies Reports Fiscal 2017 Second-Quarter Operating Results

Patterson Companies, Inc. (Nasdaq: PDCO) today reported consolidated net sales of $1.4 billion (see attached Sales Summary for further details) in its fiscal second quarter ended October 29, 2016, up 2.1 percent over the same period last year. Adjusting for the effects of currency translation, sales increased 4.1 percent.

Reported net income from continuing operations was $45.8 million, or $0.48 per diluted share, compared to $42.6 million, or $0.43 per diluted share, in last year's fiscal second quarter. Adjusted net income from continuing operations 1, which excludes certain non-recurring and deal amortization costs, totaled $53.5 million for the second quarter of fiscal 2017, down 3.2 percent from $55.3 million in the same quarter last year. Adjusted earnings per diluted share from continuing operations 1 totaled $0.56 in the 2017 second quarter, unchanged year-over-year.

"Patterson Companies competes in two markets with attractive long-term fundamentals. The Dental business is positioned to benefit from favorable demographic trends, including an aging population. In Animal Health, the worldwide demand for protein will intensify; and consumers are increasing both their pet ownership and the dollars they spend on their pets. These are compelling trends. However, our markets are evolving, and we are adapting our strategies to take full advantage of new opportunities to deliver even greater value to our customers," said Scott Anderson, chairman, president and chief executive officer.

Anderson continued, "During the second quarter, we continued to move Patterson's growth agenda forward and, despite relatively stable yet challenging dental and animal health environments, we continued to make the necessary decisions to unlock growth potential for the long term. In our Dental segment, we expanded on our strategy to broaden our approach to the market, which resulted in a new relationship with Heartland Dental, the largest dental support organization in the U.S. In our Animal Health segment, our focus on sales execution is driving expansion and market-share gains."

If you liked this article you might like

5 Earnings Short-Squeeze Plays: Tiffany, Best Buy and More

Analysts' Actions -- Lululemon, L Brands, Masco, Under Armour and More

'Mad Money Lightning Round: Jim Cramer Warms Up to BlackRock, Chesapeake Energy

Jim Cramer's 'Mad Money' Recap: Trump Rally Is Shifting, Not Cooling Off

Medtronic, Patterson Among Day's Biggest Losers, Trump Continues to Pressure Healthcare Sector