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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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