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Patterson
🇺🇸 NASDAQ:PDCO
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Jan 27, 2024

Patterson Q3 2024 Earnings Report

Patterson navigated a dynamic environment to deliver sales growth and gross margin expansion.

Key Takeaways

Patterson Companies reported a 1.0% increase in net sales to $1.62 billion. GAAP earnings were $0.52 per diluted share, and adjusted earnings were $0.59 per diluted share. The company returned $148.8 million to shareholders through dividends and share repurchases and revised fiscal 2024 GAAP earnings guidance to $1.99 to $2.04 per diluted share and adjusted earnings guidance to $2.30 to $2.35 per diluted share.

Net sales increased 1.0 percent year-over-year to $1.62 billion.

Internal sales increased 0.3 percent year-over-year, driven by dental consumables growth of 6.3 percent.

GAAP earnings of $0.52 per diluted share and adjusted earnings of $0.59 per diluted share were delivered.

$148.8 million was returned to shareholders through dividends and share repurchases.

Total Revenue
$1.62B
Previous year: $1.6B
+0.9%
EPS
$0.59
Previous year: $0.62
-4.8%
Gross Profit
$351M
Previous year: $343M
+2.3%
Cash and Equivalents
$124M
Previous year: $147M
-15.8%
Free Cash Flow
-$252M
Previous year: -$224M
+12.8%
Total Assets
$2.94B
Previous year: $2.94B
-0.1%

Patterson

Patterson

Patterson Revenue by Segment

Forward Guidance

Patterson Companies revised its fiscal 2024 earnings guidance.

Positive Outlook

  • GAAP earnings are expected to be in the range of $1.99 to $2.04 per diluted share.
  • Non-GAAP adjusted earnings are expected to be in the range of $2.30 to $2.35 per diluted share.
  • Guidance reflects the strength of our business and competitive positioning.
  • Guidance reflects our expectations for the North American and international end markets in which we operate.
  • Guidance assumes that there are no material adverse developments associated with wide-spread public health concerns.

Challenges Ahead

  • Expectations to be affected by the ongoing challenges of inflationary trends and higher interest rates.
  • Expectations to be affected by an additional slow-down in the broader economy.
  • Guidance impacted by macroeconomic and geopolitical uncertainty.
  • Our customer financing net sales include the impact of changes in interest rates on deferred purchase price receivables.
  • The year-over-year decrease in reported and adjusted net income attributable to Patterson Companies, Inc. in the third quarter of fiscal 2024 was primarily due to lower sales of dental equipment and increased operating expenses compared to the prior year period.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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