Patterson Companies (NASDAQ: PDCO) on Thursday reported its fourth quarter results for the fiscal quarter of 2014.
Patterson Companies reported consolidated sales for the quarter of $1.1 billion, an increase of 14.2 percent from $964.9 million in the year-earlier period. Fourth quarter revenue for PDCO was lower than what the Street estimated it to be of $1.13 billion.
PDCO earnings for the fourth-quarter came in at $0.61/share from a net income of $61.4 million. Management disclosed that this cost did not include the restructuring to PDCO's Medical unit. This was $0.05/share less than what the Street estimated it to be of $0.66/share, and EPS was down $0.01/share from the same quarter a year ago.
Chairman and CEO Scott Anderson stated, "We were challenged by a tough macro environment in the fiscal fourth quarter, and the impact of the severe winter weather and currency fluctuations combined to constrain our performance. However, as we entered the spring months, activity has normalized."
Patterson Companies reported that the company is implementing a global information technology initiative in order to enable Patterson to accommodate future growth, assist in securing future productivity gains and enhance the customer experience.
Patterson Companies shares closed Wednesday at $41.03, an increase of 0.91 percent.
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