Benzinga | Dec 1, 2021 10:18AM EST

Patterson Companies Q2 Earnings Beat Street View, Raises FY22 Adjusted EPS Outlook

* Patterson Companies Inc (NASDAQ:PDCO) reported Q2 FY22 sales of $1.65 billion, +6.2% Y/Y, beating the consensus of $1.58 billion.

* Dental segment sales reached $622.2 million. Internal sales decreased 2% Y/Y, including a 0.8% decline in consumables and a 3% decline in equipment and software.

* Animal Health segment sales reached $1 billion. Internal sales growth of 16.2% was driven by continued strong performance in companion animals and additional recovery in production animals. It included 15.8% growth in consumables and 37.8% growth in equipment and software.

* The gross margin declined to 19.8% from 20.6% a year ago.

* Patterson Companies reported an adjusted EPS of $0.58, surpassing the consensus of $0.50.

* Guidance: Patterson Companies updated its fiscal 2022 adjusted EPS guidance to $2.00 - $2.10, compared to prior guidance of $1.95 - $2.05 and the consensus of $2.03.

* Price Action: PDCO shares are down 0.95% at $31.17 during the market session on the last check Wednesday.