SAINT PAUL (dpa-AFX) - (Adds Outlook)
Patterson Companies Inc. (PDCO) reported earnings for third quarter that decreased from last year but beat the Street estimates.
The company's bottom line totaled $53.93 million, or $0.55 per share. This compares with $57.01 million, or $0.58 per share, in last year's third quarter.
Excluding items, Patterson Companies Inc. reported adjusted earnings of $61.14 million or $0.62 per share for the period.
Analysts on average had expected the company to earn $0.60 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
Revenue came in at $1.60 billion, equal to the mark posted in the same period last year.
Outlook:
Patterson narrowed its 2023 earnings outlook citing challenges of inflationary trends, higher interest rates as well as likely economic slowdown. It now expects net earnings of $1.96-$2.01 a share versus its previous guidance of $1.96-$2.06. Similarly, earnings excluding items are now expected in the range of $2.25 to $2.30 a share compared with its earlier view of $2.25 to $2.35.
Wall Street analysts on average estimate the company to report earnings of $2.28 per share. Analysts' estimates typically exclude one-time items.
Patterson Companies Inc. Q3 earnings at a glance (GAAP) :
-Earnings (Q3): $53.93 Mln. vs. $57.01 Mln. last year. -EPS (Q3): $0.55 vs. $0.58 last year. -Analyst Estimates: $0.60 -Revenue (Q3): $1.60 Bln vs. $1.60 Bln last year.
-Guidance: Full year EPS guidance: $2.25 to $2.30
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