LONDON, UK / ACCESSWIRE / July 12, 2018 / If you want access to our free earnings report on Patterson Cos., Inc. (NASDAQ: PDCO) ("PDCO"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=PDCO. The Company reported its financial results on June 21, 2018, for the fourth quarter and full fiscal year 2018, ended April 28, 2018. During the fourth quarter of the fiscal year 2018, PDCO's earnings were consistent with analysts' consensus estimates but its revenues missed forecasts. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Earnings Highlights and Summary

For Q4 FY18, PDCO's total revenues reached $1.40 billion, reflecting a decrease of 3.07% from $1.45 billion in Q4 FY17. The Company's total revenue numbers were lower than analysts' consensus estimates of $1.43 billion. During the quarter under review, the Company's internal sales, adjusted for the effects of currency translation and changes in product selling relationships, declined 3.3% on a y-o-y basis.

During Q4 FY18, PDCO reported a gross profit of $289.84 million, 13.61% lower than $335.50 million in Q4 FY17.

PDCO incurred operating expenses of $248.59 million in Q4 FY18 compared to $239.34 million in Q4 FY17, reflecting an increase of 3.86%. The Company's operating income from continuing operations fell 57.10% to $41.25 million in the reported quarter from $96.16 million in the year ago same quarter.

For the quarter ended April 28, 2018, PDCO's net income from continuing operations was $20.93 million versus $61.36 million in Q4 FY17. The Company's diluted earnings per share (EPS) from continuing operations also fell to $0.23 in the quarter under review from $0.65 in the prior year's comparable quarter. The Company's reported earnings for Q4 FY18 included deal amortization, while earnings for Q4 FY17 included transaction-related costs, deal amortization, and integration and business restructuring expenses. PDCO's adjusted diluted EPS from continuing operations, excluding non-recurring items, were $0.30 in Q4 FY18 compared to $0.69 in Q4 FY17; and were in-line with analysts' consensus estimates for the reported quarter.

For the year ended April 28, 2018, PDCO's total revenues were $5.47 billion, representing a decline of 2.28% from $5.59 billion in FY17. The Company's gross profit fell 7.84% to $1.20 billion on a y-o-y basis, while its operating income from continuing operations declined 23.63% to $219.89 million on a y-o-y basis in FY18. PDCO's net income from continuing operations was $200.97 million in the reported year, up 15.64% from $173.79 million in the previous year. The Company's diluted EPS from continuing operations also rose 18.68% to $2.16 in FY18 from $1.82 in FY17. PDCO's adjusted diluted EPS, excluding special items, were $1.68 in FY18, 28.21% lower than $2.34 in FY17.

Segment Details

During Q4 FY18, PDCO's Dental segment's net revenues were $545.76 million, down 10.13% on a y-o-y basis. The segment had an operating income of $46.04 million in the reported quarter, 46.67% lower than $86.32 million in the prior year's corresponding quarter.

For Q4 FY18, PDCO's Animal Health segment's net revenues jumped 2.48% to $847.98 million on a y-o-y basis. The segment's operating income decreased 27.26% to $20.13 million in Q4 FY18 from $27.67 million in Q4 FY17.

Cash Matters

PDCO had cash and cash equivalents of $62.98 million as on April 28, 2018, 33.67% lower than $94.96 million as on April 29, 2017. The Company's long-term debt declined 7.64% to $922.03 million as on April 28, 2018, from $998.27 million as on April 29, 2017.

For the twelve months ended April 28, 2018, PDCO's net cash provided by operating activities was $178.90 million, reflecting an increase of 9.94% from $162.72 million in the same period of last year.

During FY18, PDCO spent $43.26 million on additions to property and equipment, 7.99% lower than $47.02 million in FY17.

PDCO spent $87.50 million on repurchases of common stock in FY18, 30.21% lower than $125.38 million in FY17. The Company paid $99.20 million as dividends on common stock in FY18, up 3.43% from $95.91 million in FY17.

Outlook

For the full fiscal year 2019, PDCO expects GAAP earnings per diluted share from continuing operations to be in the range of $1.43 to $1.53, and non-GAAP adjusted earnings per diluted share from continuing operations to be in the band of $1.73 to $1.83. The non-GAAP adjusted earnings guidance excludes the after-tax impact of deal amortization expenses of approximately $27.3 million, or $0.30 per diluted share.

On June 12, 2018, PDCO's Board of Directors declared a quarterly cash dividend of $0.26 per share, payable on, or about, July 27, 2018, to shareholders of record as of the close of business on July 13, 2018.

Stock Performance Snapshot

July 11, 2018 - At Wednesday's closing bell, Patterson's stock declined 1.73%, ending the trading session at $22.76.

Volume traded for the day: 2.68 million shares, which was above the 3-month average volume of 2.15 million shares.

Stock performance in the last month - up 2.43%

After yesterday's close, Patterson's market cap was at $2.14 billion.

Price to Earnings (P/E) ratio was at 17.05.

The stock has a dividend yield of 4.57%.

The stock is part of the Services sector, categorized under the Medical Equipment Wholesale industry.

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