Patterson Companies, Inc. (NASDAQ:PDCO) was out Wednesday with its second-quarter financial figures, leading to an opening stock price sharply higher.
Patterson reported consolidated net sales of $1.55 billion, an increase of 9.5% compared to the same period last year. Internal sales, which are adjusted for the effects of currency translation, increased 9%.
Reported net income attributable to Patterson Companies, Inc. for the second quarter of fiscal 2021 was $54.1 million, or $0.56 per diluted share, compared to a net loss attributable to Patterson Companies, Inc., of $33.1 million, or a loss of $0.35 per diluted share, in the second quarter of fiscal 2020.
Adjusted net income attributable to Patterson, which excludes deal amortization, integration and business restructuring expenses, legal reserve costs, accelerated debt-related costs and an investment gain, totaled $61.1 million for the second quarter of fiscal 2021, or $0.63 per diluted share, compared to $36.6 million in the same quarter of fiscal 2020, or $0.39 per diluted share.
The 62% year-over-year increase in the period is primarily attributed to strong sales execution, improved mix, and the benefit of continued expense discipline during the fiscal 2021 second quarter.
CEO Matt Walchirk said, "Patterson’s strong revenue growth and adjusted earnings in the second quarter reflect the resilience of our customers and the focus and dedication of our team as we continue to successfully execute our strategy."
PDCO shares jumped $3.29, or 11.9%, to $30.99.
