Henry Schein (NSDQ:HSIC) raised its 2021 guidance after reporting first-quarter financial results that topped the consensus forecast.
The Melville, N.Y.-based company posted profits of $166 million, or $1.16 per share, on sales of $2.9 billion for the three months ended March 27, 2021, for a 27.4% bottom-line gain on sales growth of 20.4% year-over-year.
Adjusted to exclude one-time items, earnings per share were $1.24, 40¢ ahead of Wall Street, where analysts were looking for sales of $2.8 billion.
The company’s medical segment registered global sales growth of 24% for the quarter, while its dental business’ revenues increased 21.3% year-over-year.
“We are pleased with exceptional first-quarter global financial performance versus the comparable prior-year period, and also compared to the first quarter of 2019, which is the result of planning and excellent execution across all of our businesses. We also delivered a very strong operating margin for the quarter. While end markets in most geographies still face challenges due to the ongoing pandemic, the overall market recovery and our improving financial results have continued,” Henry Schein chairman & CEO Stanley M. Bergman said in a news release. “Throughout these unprecedented times, Henry Schein has remained focused on the safety of our team and on responding to our customers’ needs, as well as on driving innovation, gaining market share, enhancing our margin profile, and optimizing our cost structure.
“We believe all of this positions us well to continue to drive earnings growth and create value over the long-term.”
Henry Schein raised its 2021 financial guidance, setting its projected adjusted EPS at $3.70 or above.
HSIC shares closed yesterday up 2.1% at $74.01 per share but have not made any movement in pre-market trading hours.