Henry Schein, Inc. (NASDAQ:HSIC) shot into the green Monday after reporting an increase in second quarter earnings from a year ago, mostly driven by hikes in its North American Dental and Animal Health sector sales.
The distributor of medical, dental and veterinary supplies reported a net income of $84 million, or 90 cents a share, up 14.6% from $73.5 million, or 81 cents a share, in the same quarter last year, and falling just below average analyst estimates of 86 cents, according to a Thomson Reuters poll.
Revenue for the Melville, New York-based company were $1.8 billion, up 15.1% from $1.6 billion in the year-earlier period, and falling just short of the Street’s view of $1.81 billion.
"We are reporting strong top-line growth in local currencies for the quarter and we continue to see indications of positive market trends throughout our global business," CEO Stanley M. Bergman said.
Revenue increases were partially attributed to a near 9% hike in North American Dental sales, which, Bergman said, reaffirms the company’s confidence that the market “will show gradual improvement for the rest of the year,” and to a 269.7% increase in its North American Animal Health sales, brought about by its integration with Butler Schein Animal Health.
North American Medical sales were down compared to last year, though the CEO said that was mostly because of reduced sales of products related to the H1N1 virus.
The company increased the low end of its 2010 full-year guidance to $3.46 to $3.56, compared with its previous outlook of $3.44 to $3.56, despite a strengthening of the U.S. dollar against the euro and pound sterling, which is expected to adversely impact its earning per shares compared with its initial expectation.