Patterson Companies, Inc reports $29.7 million First Quarter Profit

Patterson Companies, Inc reports $29.7 million First Quarter Profit

On Thursday, Minnesota based Patterson Companies, Inc. reported first-quarter profit of $29.7 million for its fiscal year.

The company with its corporate office in St. Paul said that its profit was 30 cents on a per-share basis. The earnings for the quarter from continued operations, adjusted for one-time gains and costs was 47 cents a share.

The company plans to complete the sale of its Patterson Medical unit in the ongoing quarter and its results were listed under discontinued operations. The earnings derived from discontinued operations were 10 cents per share for the quarter.

On Thursday, the stock of the company dropped $3.09, or 6.3 percent, to $45.94.

For the quarter, the maker of medical supplies reported revenue of $1.14 billion and that could not keep up with the analysts' expectation. An average expectation of seven analysts surveyed by Zacks was $1.18 billion. For the full year, Patterson Cos. forecasts earnings anywhere in between $2.40 to $2.50, a share.

Since this year's beginning the shares of the company have dropped 4.5 percent, whereas Standard & Poor's 500 index has slipped 3.5 percent. In the last one year the stock has scaled 14.4 percent.