Patterson Cos.' stock soars 10% premarket after earnings blow past estimates

Patterson Cos. Inc.'s stock (PDCO) soared 10% premarket Wednesday, after the maker of dental and animal care products blew past estimates for its fiscal fourth quarter and offered upbeat guidance. St. Paul, Minn.-based Patterson posted net income of $75 million, or 77 cents a share, for the quarter to April 29, up from $63.9 million, or 65 cents a share, in the year-earlier period. Adjusted per-share earnings came to 84 cents, well ahead of the 70 cent FactSet consensus. Sales rose 5% to $1.72 billion, also ahead of the $1.66 billion FactSet consensus. Sales at the dental segment totaled $683.5 million, while animal care products came to $1.03 billion. The company is now expecting fiscal 2024 EPS to range from $2.45 to $2.55 and for adjusted EPS to range from $2.45 to $2.55. The FactSet consensus is for EPS of $2.34.

-Ciara Linnane

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06-21-23 0721ET

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