Here's Why Patterson Companies Stock Is Sliding Today
Shares of Patterson Companies (NASDAQ: PDCO) were under pressure Wednesday following the company's fiscal fourth-quarter 2021 earnings report. As of 1:11 p.m EDT, the stock had fallen by 12%.
Net sales reached $1.56 billion during the three-month period that ended April 24, a result that met analysts' expectations. On the bottom line, though, Patterson Companies' adjusted earnings fell 12% year over year to $0.38 per share. The average analyst following the company was expecting earnings of $0.52 per share.
Patterson Companies is a leading distributor of dental and animal health products that became harder to distribute during the pandemic-necessitated lockdowns. While its bottom-line miss was disappointing, investors were downright troubled by the guidance management provided.
Source Fool.com
