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UPDATE 1-Henry Schein Q1 beats Wall Street
May 4, 2010 / 11:11 AM / 8 years ago

UPDATE 1-Henry Schein Q1 beats Wall Street

* Q1 adj EPS $0.75 vs. est $0.69

* Q1 revenue rose 19 pct to $1.76 bln

* Raises lower end of FY10 earnings outlook

* Sees Q2 EPS growth in mid-single digits

May 4 (Reuters) - Henry Schein Inc’s (HSIC.O) adjusted quarterly profit topped estimates, helped by international business growth and a surge in North American veterinary sales, and the medical products supplier raised the lower end of its full-year profit outlook.

For the first quarter, net income from continuing operations rose to $60.9 million, or 66 cents a share, from $54.9 million, or 61 cents a share, in the year-ago period.

Excluding restructuring costs, the company posted a profit of 75 cents a share in the latest quarter.

Analysts on average expected a profit of 69 cents a share for the quarter, according to Thomson Reuters I/B/E/S.

Revenue rose 19 percent to $1.76 billion, beating analysts’ estimates of $1.69 billion.

International sales were up 16 percent at $609.5 million.

“International growth reflects strong performance in the dental and veterinary businesses, as well as particular strength in France, Australia, Germany, Spain and Switzerland,” Chief Executive Stanley Bergman said in a statement.

The company now expects 2010 earnings of $3.44 to $3.56 a share, excluding items, up from its earlier view of $3.40 to $3.56 a share.

Shares of the company closed at $61.10 Monday on Nasdaq. (Reporting by Shailesh Kuber in Bangalore; Editing by Unnikrishnan Nair)

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