LONDON, UK / ACCESSWIRE / September 15, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Patterson Cos., Inc. (NASDAQ: PDCO) ("Patterson"), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=PDCO, following the Company's posting of its first quarter fiscal 2018 financial results on August 24, 2017. The value-added distributor serving the dental and animal health markets reiterated its guidance for the fiscal year. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Earnings Reviewed

Patterson reported consolidated net sales of $1.30 billion in its fiscal first quarter ended July 29, 2017, reflecting a decline of 2.1% compared to net sales of $1.33 billion in Q1 FY17. On a constant currency basis, the Company's sales declined 1.1%. Patterson's net sales fell short of analysts' estimates of $1.34 billion.

Patterson reported net income of $30.8 million, or $0.33 per diluted share, for Q1 FY18 compared to $38.9 million, or $0.40 per diluted share, in Q1 FY17. The Company's adjusted net income, which excluded certain non-recurring items and deal amortization costs, totaled $41.4 million for the reported quarter, down 15.1% from $48.8 million in the year ago same period.

Patterson's adjusted net income included the previously disclosed pre-tax step-up in enterprise resource planning expenses for Q1 FY18. The Company's adjusted earnings per diluted share totaled $0.44 in the reported quarter, down 13.7% on a y-o-y basis. Patterson's earnings beat Wall Street's expectations of $0.43 per share.

Patterson's Segment Details

During Q1 FY18, net sales from the Company's Dental segment, which represented approximately 40% of total Company sales, were $518.81 million, down 6.5% from net sales of $555.2 million in Q1 FY17. The segment sales declined 6.3% on a constant currency basis. In the reported quarter, Dental division's consumable dental supplies decreased 3.6%, while Equipment sales dropped 15.1% due to the decrease in sales of CEREC and digital technology products. Patterson noted that other services and products, primarily composed of technical service, parts and labor, software support services and office supplies were essentially flat compared to last year.

For Q1 FY18, Patterson's net sales from its Animal Health segment, which comprised approximately 60% of the Company's total sales, were $776.14 million, up 1.8% compared to net sales of $762.63 million for Q1 FY17. The segment's sales grew 3.4% on a constant currency basis.

In the reported quarter, the Animal Health segment's Companion animal sales improved 1.2% on a y-o-y basis. After normalizing for changes in selling relationships, Companion sales rose approximately 6.0% and Production animal sales also advanced 6.0%; reflecting stronger sales across all species.

Share Repurchases and Dividends

In Q1 FY18, Patterson repurchased approximately 0.8 million shares of its outstanding common stock, with a value of $37.5 million. The Company also paid $25.2 million in cash dividends to shareholders in the reported quarter.

Business Outlook

Patterson reiterated its fiscal 2018 earnings guidance. The Company is forecasting GAAP earnings to be in the range of $1.90 to $2.05 per diluted share and non-GAAP adjusted earnings are expected to be in the band of $2.25 to $2.40 per diluted share.

Patterson noted that its non-GAAP adjusted earnings1 guidance excludes the after-tax impact of deal amortization expense of approximately $25.3 million, or $0.27 per diluted share, and integration and business restructuring expenses of approximately $5.4 million, or $0.06 per diluted share.

Stock Performance

At the closing bell, on Thursday, September 14, 2017, Patterson Cos.' stock dropped 3.07%, ending the trading session at $38.23. A total volume of 2.31 million shares have exchanged hands, which was higher than the 3-month average volume of 1.28 million shares. The Company's stock price advanced 4.03% in the last one month. The stock is trading at a PE ratio of 21.87 and has a dividend yield of 2.72%. The stock currently has a market cap of $3.70 billion.

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SOURCE: Pro-Trader Daily