25.76
price down icon0.35%   -0.09
after-market  After Hours:  25.76 
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Why is Patterson Companies Inc. (PDCO) Stock down?

We've noticed a 7.28% decline in Patterson Companies Inc. (PDCO) stock during the 2024-02-28 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
29 Nov, 2023:

Shares of Patterson Companies Inc. (PDCO) dropped by 17.24% from $31.43 to $26.01 in the trading on Wednesday, November 29, 2023. The reason why PDCO is down today is due to the company's disappointing second-quarter fiscal 2024 earnings report and a downward revision in its earnings guidance.

  • Earnings Below Expectations: Patterson Companies reported an adjusted earnings per share (EPS) of 50 cents for the quarter, missing the Zacks Consensus Estimate of 59 cents by 15.3%. This marked a 20.6% decline compared to the previous year's quarter. The GAAP EPS for the same period was 42 cents, down 23.6% year-over-year.
  • Revenue Details: The company's net sales for the quarter were $1.65 billion, falling short of the Zacks Consensus Estimate by 3.2%. However, there was a modest 1.6% year-over-year increase in the top line. Adjusted for currency effects, internal sales grew by 1% compared to the previous year's quarter.
  • Guidance Revision: Patterson Companies lowered its earnings guidance for fiscal 2024, now projecting adjusted EPS in the range of $2.35-$2.45, down from the previous range of $2.45-$2.55. The Zacks Consensus Estimate for the same period is $2.50.
30 Aug, 2023:

Patterson Companies' (PDCO) shares initially plummeted 7.77% after reporting slightly weaker Q1 2024 revenue at $1.577 billion. Despite a 3.5% YoY revenue increase, strong earnings growth in dental and animal health segments, and reaffirmed fiscal 2024 guidance, concerns about inflation and economic slowdown weighed on the stock's recent 34% gains, leading to the decline.

https://www.fool.com/investing/2023/08/30/why-patterson-companies-stock-dropped-today/

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