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Apr 29, 2023
Patterson Q4 2023 Earnings Report
Patterson's Q4 2023 earnings were reported, highlighted by increased net sales and adjusted earnings per share.
Key Takeaways
Patterson Companies reported a 5.0% increase in net sales to $1.72 billion for the fourth quarter of fiscal 2023, with internal sales increasing by 5.7%. GAAP earnings were $0.77 per diluted share, and adjusted earnings were $0.84 per diluted share, an 18% increase year-over-year. The company also issued fiscal 2024 GAAP earnings guidance of $2.14 to $2.24 per diluted share and adjusted earnings guidance of $2.45 to $2.55 per diluted share.
Fourth quarter reported net sales increased 5.0 percent year-over-year to $1.7 billion, and internal sales increased 5.7 percent.
Adjusted operating margin expansion occurred during the fourth quarter and fiscal 2023 for business overall and across both Dental and Animal Health segments.
$156.8 million was returned to shareholders in fiscal 2023 through dividends and share repurchases.
Fourth quarter GAAP earnings were $0.77 per diluted share and adjusted earnings of $0.84 per diluted share, an increase of 18 percent over prior year.
Revenue by Segment
Forward Guidance
Patterson Companies issued its fiscal 2024 earnings guidance, expecting GAAP earnings to be in the range of $2.14 to $2.24 per diluted share and non-GAAP adjusted earnings to be in the range of $2.45 to $2.55 per diluted share.
Positive Outlook
- Strength of business and competitive positioning
- Expectations for the North American and international end markets
- Focus on executing proven strategy
- Building upon momentum to deliver continued growth
- Continued value creation
Challenges Ahead
- Ongoing challenges of inflationary trends
- Higher interest rates
- Potential slow-down in the broader economy
- Macroeconomic and geopolitical uncertainty
- Material adverse developments associated with wide-spread public health concerns
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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