Patterson Companies, Inc. (NASDAQ:PDCO) shares jumped 15% to $32.40 in early Wednesday trading after the dental and animal health company reported fourth-quarter 2023 revenue that rose 5% year over year to $1.72 billion, surpassing the FactSet consensus estimate of $1.66 billion.
Patterson also generated $0.84 in adjusted earnings per share (EPS) during the quarter, topping the consensus analyst forecast of $0.70, as margins expanded and sales in its two primary segments, Dental and Animal Health, accelerated.
“Patterson had an incredibly strong fourth quarter, concluding a fiscal year in which we achieved our goals of delivering year-over-year internal sales growth and adjusted operating margin expansion for the business overall and across our Dental and Animal Health segments,” Patterson Companies CEO Don Zurbay said in a statement.
Sales at the company’s dental segment totaled $683.5 million in the quarter, while animal care products revenue came in at $1.03 billion.
Its internal sales, meanwhile, increased 5.7% during the period.
For fiscal 2024, Patterson guided to an adjusted EPS range of $2.45 to $2.55, ahead of the $2.34 consensus estimate.
Shares of Patterson Companies have gained 17% year to date.
Contact Sean at sean@proactiveinvestors.com