MELVILLE (dpa-AFX) - Henry Schein, Inc. (HSIC) Monday reported higher second-quarter profit, helped by 9.3 percent growth in sales. Earnings per share, as well as revenue beat analysts' expectations. The provider of health care products and services also lifted the lower end of its earnings per share guidance range for full year 2014.
For the quarter, net income attributable to the company increased to $116.24 million from $108.43 million a year ago. Earnings per share grew to $1.35 from $1.23 in the prior-year period.
On average, 16 analysts polled by Thomson Reuters expected earnings of $1.33 per share. Analysts' estimates typically exclude special items.
Quarterly sales rose to $2.62 billion from $2.40 billion in the preceding year, and came above analysts' estimate of $2.56 billion.
Revenues grew 7.9 percent at local currencies and saw 1.4 growth related to foreign currency exchange. In local currencies, internally generated sales increased 4.3 percent and acquisition growth was 3.6 percent.
'Sales growth was solid during the second quarter with internal sales growth in local currencies the highest we have reported in the past year and a half. Domestic sales rebounded from the effects of severe winter weather in the preceding quarter,' said Stanley Bergman, chairman of the board and chief executive officer of the company.
Dental sales were $1.4 billion, up 8.6 percent from last year, consisting of 7.5 percent growth in local currencies and 1.1 percent rise related to foreign currency exchange.
Animal Health sales climbed 13.2 percent to $754.5 million. Medical sales were $403.3 million, up 4 percent from the same quarter last year.
For full year 2014, Henry Schein now expects earnings per share attributable to the company to be in the range of $5.33 to $5.39, compared to the previous guidance of $5.29 to $5.39 per share.
Analysts project earnings of $5.38 per share for the year.
HSIC closed Friday's trading at $117.39.
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