Patterson Companies, Inc. - PDCO STOCK NEWS

Patterson Companies (Nasdaq: PDCO) announces key leadership changes to enhance its strategic execution. Kevin Barry, formerly Interim CFO, is now the Chief Financial Officer, while Kevin Pohlman, previously President of Patterson Animal Health, has been appointed Chief Operating Officer. CEO Don Zurbay expressed confidence that these appointments will drive long-term shareholder value and improve operational efficiency. Barry brings extensive financial expertise, and Pohlman is recognized for his performance improvement skills.

On December 13, 2022, Patterson Companies (PDCO) announced a quarterly cash dividend of $0.26 per share. The dividend is set to be paid on or about February 3, 2023, to shareholders of record by January 20, 2023. This payment reflects Patterson's continued commitment to returning value to shareholders.

Patterson Companies specializes in connecting dental and animal health customers to innovative products and services across North America and the UK.

Patterson Companies, Inc. (Nasdaq: PDCO) has completed the acquisition of substantially all assets of Dairy Tech, Inc. This strategic move aims to enhance Patterson Animal Health’s offerings and integrate Dairy Tech’s employees into the team. Steve Cunningham, president of Patterson’s Production Animal segment, expressed enthusiasm about the acquisition and its potential to maintain exceptional customer service for Dairy Tech’s clients. Financial terms of the deal were not disclosed.

Patterson Companies reported net sales of $1.63 billion for Q2 fiscal 2023, a 1.4% decline year-over-year. However, adjusted operating margins improved across both Dental and Animal Health segments. The company achieved a GAAP earnings of $0.55 per diluted share, up from $0.49 a year earlier, and adjusted earnings of $0.63, a 9% increase. Despite external challenges, Patterson reaffirmed its fiscal 2023 guidance, projecting GAAP earnings between $1.96 and $2.06 per share. The report indicates internal sales growth in equipment, though consumables faced declines.

Patterson Companies (Nasdaq: PDCO) will hold its fiscal 2023 second-quarter earnings conference call on December 1, 2022, at 7:30 a.m. CT. The earnings release is set for the same morning before market open. Interested parties can access the live webcast on the company’s investor relations website. A replay will be available later that day through December 8, 2022. Patterson Companies connects dental and animal health customers in North America and the U.K. with a range of innovative solutions for operational success.

Patterson Companies, Inc. (Nasdaq: PDCO) has announced an agreement to acquire Dairy Tech, Inc., a Colorado-based company specializing in pasteurizing equipment and single-use bags for calf colostrum management. This acquisition aims to enhance Patterson Animal Health's value-added offerings, leveraging Dairy Tech's strong brand and international presence. The integration is expected to benefit dairy and beef customers, with the transaction anticipated to close in the third fiscal quarter of FY2023. Financial terms of the deal have not been disclosed.

Patterson Companies, Inc. (NASDAQ: PDCO) has announced its agreement to acquire assets of Relief Services for Veterinary Practitioners and Animal Care Technologies (RSVP and ACT), a Texas-based company. This acquisition aims to bolster Patterson Veterinary's service offerings through innovative solutions, including data extraction, staffing, and training services. The integration of RSVP and ACT is expected to enhance Patterson's value-add platform and align with its strategic goal of driving profitable growth. The deal is projected to close in the third fiscal quarter of FY2023.

Patterson Companies (Nasdaq: PDCO) announced the appointment of Don Zurbay as President and CEO, succeeding Mark Walchirk, who resigned due to a policy violation. Zurbay, previously CFO, has been credited with driving growth in the Dental and Animal Health sectors since joining in 2018. Kevin Barry has been appointed Interim CFO. The company reaffirmed its fiscal 2023 earnings guidance, projecting GAAP earnings between $1.96 and $2.06 per diluted share. The guidance reflects confidence despite potential impacts from inflation and economic slowdown.

On September 13, 2022, Patterson Companies, Inc. (NASDAQ: PDCO) declared a quarterly cash dividend of $0.26 per share.

This dividend will be payable on or about November 4, 2022, to shareholders of record as of October 21, 2022. This decision reflects the company's ongoing commitment to returning value to its shareholders.