The Melville, N.Y.-based company posted profits of $140.2 million, or 91¢ per share, on sales of $3.2 billion for the three months ended March 31, seeing the bottom-line shrink 0.4% while sales grew 10.2% compared with the same period during the previous year.
Adjusted to exclude one-time items, earnings per share were 95¢, just ahead of the 92¢ consensus on Wall Street where analysts expected to see sales of $3.2 billion, which the company also met.
“We are pleased with our financial results for the first quarter of 2018, which we believe reflect generally healthy end-market growth. It is an exciting time at Henry Schein as we continue to evolve our business strategy to ensure we are well-positioned to pursue the significant growth opportunities ahead of us while seeking to maximize shareholder value. In line with our strategy, in early April we announced the majority ownership of a new dental technology joint venture, named Henry Schein One, created to deliver integrated dental technology to help the profession improve practice management and marketing as well as patient communications. More recently, we announced the planned spin-off and merger of our global Animal Health business with Vets First Choice to create a new publicly traded company, to be named Vets First Corp., which will be owned by the shareholders of Henry Schein and Vets First Choice. With a sharper focus on our market-leading dental and medical businesses, as well as newly available resources to invest in our business, we believe Henry Schein will be poised for continued growth and leadership over the long term,” board chair & CEO Stanley Bergman said in a prepared statement.
Henry Schein released updated 2018 earnings per share guidance, expecting to see diluted EPS of between $4.03 and $4.14 for the year, reflecting growth of between 12% and 15%, according to its press release.
Shares in Henry Schein have dropped 2.8% so far today, at $74.14 as of 11:30 a.m. EDT.
Last month, Henry Schein said it plans to spin off its Animal Health business and merge it with Vets First Choice to create a new combined animal health business which will operate under the moniker Vets First Corp.