Patterson Companies Inc. (NASDAQ: PDCO) stock declined by 8.97% in the current market trading session. Patterson Companies provides the newest products, technology, services, and creative marketing services to dentistry and animal health consumers in North America and the United Kingdom, enabling operational and professional excellence.
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Financial Update
Patterson Companies has today released its fourth quarter and year-end operating result, which is stated below:
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- Internal sales grew 23.5% and recorded net sales increased 21.4 percent year to year to $1.56 billion in the fourth quarter.
- GAAP earnings per diluted share of $0.30 and adjusted earnings per diluted share is recorded as $0.38 in the fourth quarter.
- Internal sales grew 8.2 percent and net sales increased 7.7% in fiscal 2021 compared to fiscal 2020.
- Internal sales in the Dental sector rose by 10.4% in fiscal 2021, while internal sales in the Animal Health segment increased by 7.7%.
- GAAP earnings of $1.61 per diluted share and adjusted earnings of $1.91 per diluted share were achieved in fiscal 2021, representing a 23.2 percent increase over fiscal 2020.
- GAAP earnings projection for fiscal 2022 is $1.61 to $1.76 per diluted share, with adjusted earnings1 ranging from $1.90 to $2.05 per diluted share.
Mark Walchirk, President and CEO of Patterson Companies commented,
Patterson had a successful fiscal year in 2021, despite the significant obstacles provided by the Covid-19 epidemic, as they supported their clients across their end markets. They increased their full-year adjusted EPS by 23% over the previous year by focusing on strong top-line growth, operational efficiency, and cost control.
2022 Expectations
Patterson Companies recently released its earnings projection for fiscal 2022, which includes both GAAP and non-GAAP adjusted figures:
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- GAAP profits per diluted share are projected to range from $1.61 to $1.76.
- Non-GAAP adjusted earnings per diluted share are projected to be in the $1.90 to $2.05 range.
- The following items are not included in our non-GAAP adjusted earnings guidance:
- Deal amortization costs of $28.2 million ($0.29 per diluted share) were incurred.