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Restoration revenue boosts Patterson 2Q profit

Tue, 11/23/2010 - 7:45am
The Associated Press

Dental and veterinary products supplier Patterson Companies Inc. said Tuesday its profit rose 8 percent in the fiscal second quarter as sales of its dental restorative systems and digital imaging systems improved.

The company said its profit grew to $53.4 million, or 45 cents per share, from $49.3 million, or 41 cents per share. Revenue rose 5 percent, to $857.4 million from $815 million.

Thomson Reuters says analysts expected a profit of 45 cents per share and $845.9 million for the quarter, which ended Oct. 30.

The company said revenue for its largest business, Patterson Dental Supply, rose 5 percent to $563.2 million. Almost all of that growth came from better sales of equipment and software. The company said sales of its CEREC dental restorative systems climbed, and so did sales of digital imaging products.

Veterinary revenue rose less than 1 percent to $161.6 million, and medical rehabilitation supply and equipment revenue grew 13 percent to $132.6 million, the company said.

Patterson backed its fiscal 2011 profit forecast of $1.89 to $1.99 per share for the fiscal year. Analysts expect $1.94 per share on average.

In midday trading, Patterson shares dipped 16 cents to $28.90.

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