Patterson Q1 2024 Earnings Report
Key Takeaways
Patterson Companies reported a 3.5% increase in net sales to $1.6 billion and a 2.8% increase in internal sales for the first quarter of fiscal 2024. GAAP earnings per diluted share were $0.32, while adjusted earnings per diluted share increased 25% to $0.40. The company reaffirmed its fiscal 2024 earnings guidance.
Net sales increased by 3.5% year-over-year to $1.6 billion, with internal sales up by 2.8%.
Adjusted operating margin expanded across the overall business as well as in the Dental and Animal Health segments.
GAAP earnings per diluted share were $0.32, and adjusted earnings per diluted share rose by 25% to $0.40.
$54.9 million was returned to shareholders through dividends and share repurchases.
Patterson
Patterson
Patterson Revenue by Segment
Forward Guidance
Patterson Companies reaffirmed its fiscal 2024 earnings guidance.
Positive Outlook
- GAAP earnings are expected to be in the range of $2.14 to $2.24 per diluted share.
- Non-GAAP adjusted earnings are expected to be in the range of $2.45 to $2.55 per diluted share.
- Guidance reflects the strength of the business.
- Guidance reflects competitive positioning.
- Guidance reflects expectations for the North American and international end markets.
Challenges Ahead
- Guidance expects ongoing challenges of inflationary trends.
- Guidance expects higher interest rates.
- Guidance expects a potential slow-down in the broader economy.
- Guidance assumes no material adverse developments associated with wide-spread public health concerns.
- Deal amortization expenses of approximately $29.3 million ($0.31 per diluted share) are excluded from non-GAAP adjusted earnings.
Revenue & Expenses
Visualization of income flow from segment revenue to net income