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.
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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