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Jan 29, 2022
Patterson Q3 2022 Earnings Report
Patterson Companies' operating results increased in Q3 2022
Key Takeaways
Patterson Companies reported a 2.9% increase in net sales to $1.6 billion and a 4.3% increase in internal sales. GAAP earnings were $0.58 per diluted share, while adjusted earnings were $0.55 per diluted share. The company raised its fiscal 2022 GAAP earnings guidance to $1.86 to $1.91 per diluted share and adjusted earnings guidance to $2.08 to $2.13 per diluted share.
Net sales increased 2.9% year-over-year to $1.6 billion.
Internal sales increased 4.3 percent.
GAAP earnings were $0.58 per diluted share and adjusted earnings of $0.55 per diluted share.
Fiscal 2022 GAAP earnings guidance range raised to $1.86 to $1.91 per diluted share and adjusted earnings guidance range to $2.08 to $2.13 per diluted share.
Patterson
Patterson
Patterson Revenue by Segment
Revenue by Segment
Dental Revenue
CapyFin.comAnimal Health Revenue
CapyFin.com Forward Guidance
Patterson Companies updated its fiscal 2022 earnings guidance, which is provided on both a GAAP and non-GAAP adjusted basis.
Positive Outlook
- GAAP earnings are expected to be in the range of $1.86 to $1.91 per diluted share, compared to our prior guidance of $1.69 to $1.79 per diluted share.
- Non-GAAP adjusted earnings are expected to be in the range of $2.08 to $2.13 per diluted share, compared to our prior guidance of $2.00 to $2.10 per diluted share.
- Guidance is for current operations as well as completed or previously announced acquisitions
- Guidance does not include the impact of potential future acquisitions, dispositions or similar transactions, if any, or impairments and material restructurings beyond those previously publicly disclosed.
- Guidance assumes North American and international market conditions remain consistent with current market conditions and that there are no material adverse developments associated with the pandemic.
Challenges Ahead
- Gains on investments of approximately $75.3 million ($0.76 per diluted share) are excluded.
- Inventory donation charges of approximately $36.9 million ($0.37 per diluted share) are excluded.
- Deal amortization expenses of approximately $29.4 million ($0.30 per diluted share) are excluded.
- Legal reserves of approximately $27.5 million ($0.28 per diluted share) are excluded.
- Integration and business restructuring expenses of approximately $3.2 million ($0.03 per diluted share) are excluded.
Revenue & Expenses
Visualization of income flow from segment revenue to net income