ECONOMY

Shares of Patterson Cos. fall as it misses 1Q net income and revenue expectations

Shares of Patterson Cos. fell sharply Thursday after the medical supplies maker reported weaker-than-expected results for its fiscal first quarter.

The St. Paul, Minnesota, company reported net income of $29.7 million, or 30 cents per share. Earnings, adjusted for one-time gains and costs, came to 47 cents per share. The results missed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 54 cents per share.

The medical supplies maker posted revenue of $1.14 billion in the period, which also fell short of Street forecasts. Seven analysts surveyed by Zacks expected $1.18 billion.

Patterson expects full-year earnings in the range of $2.40 to $2.50 per share. Analysts expected earnings of $2.44 per share, according to FactSet.

Shares of Patterson fell $3.68, or 7.5 percent, to $45.35 in afternoon trading Thursday.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PDCO at http://www.zacks.com/ap/PDCO

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Keywords: Patterson Cos., Earnings Report