Patterson Q2 2024 Earnings Report
Key Takeaways
Patterson Companies reported a 1.6% increase in net sales to $1.65 billion and GAAP earnings of $0.42 per diluted share for the second quarter of fiscal year 2024. The company's performance was driven by strong dental consumables growth, offset by lower sales in certain high-tech dental equipment categories. The Animal Health segment benefited from a diverse offering and omnichannel presence.
Second quarter net sales increased 1.6% year-over-year to $1.65 billion.
Internal sales increased 1.0% year-over-year, driven by dental consumables growth of 2.9%.
GAAP earnings were $0.42 per diluted share, and adjusted earnings were $0.50 per diluted share.
Returned $85.9 million to shareholders through dividends and share repurchases.
Patterson
Patterson
Patterson Revenue by Segment
Forward Guidance
Patterson Companies revised its fiscal 2024 earnings guidance, expecting GAAP earnings in the range of $2.04 to $2.14 per diluted share and non-GAAP adjusted earnings in the range of $2.35 to $2.45 per diluted share.
Positive Outlook
- Strength of our business
- Competitive positioning
- Expectations for the North American and international end markets
- Unaffected by material adverse developments associated with wide-spread public health concerns.
Challenges Ahead
- Ongoing challenges of inflationary trends
- Higher interest rates
- Additional slow-down in the broader economy
- Macroeconomic uncertainty
- Geopolitical uncertainty
Revenue & Expenses
Visualization of income flow from segment revenue to net income