Why Patterson Companies Stock Surged Today
Shares of Patterson Companies (NASDAQ: PDCO) rose by more than 12% on Wednesday as a result of its positive fiscal fourth-quarter earnings report before pulling back to an increase of around 9% as of 11:09 a.m. ET. The dental and veterinary supplies provider reported earnings per share (EPS) of $0.65, significantly above analysts' consensus estimate of only $0.55.
It also beat the average of analyst projections for revenue, bringing in $1.64 billion in net sales compared to an estimated $1.59 billion.
Both Patterson's dental supply segment and its animal health segment posted growth, even though its infection control products aren't as in-demand as they were during the early phase of the pandemic. That's good news for investors, because it means revenue growth can continue even as major drivers from the recent past are rapidly fading.
Source Fool.com
