Patterson Companies Reports 20% Drop in Profit for Q1

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Fiscal first quarter profit for medical product wholesaler Patterson (NYSE:PDCO) increased 20% on widened margins, however revenue grew by a volume lower than expected.

Patterson said profit totaled $53.9 million, or 45 cents per share, up from $45.1 million, or 38 cents per share in the previous year. Revenue rose 8% to $849.8 million, while Thomson Reuters analysts had projected $855 million in revenue and earnings of 44 cents per share.

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Patterson CEO Scott Anderson said in a company statement that strong sales of dental equipment had aided the company this quarter, and that the market for dental tools was beginning to strengthen.

Growth in Patterson's dental-supply business totaled 6.2%, while the company’s rehabilitation supply and equipment operation unit reported 17% growth.

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