Henry Schein Reports Smaller Profit in Q3
Henry Schein reports a smaller profit in Q3 despite higher revenue. Sales reached $3.16 billion, fueled by successful acquisitions and foreign-currency translation.
By Dean Seal
Henry Schein, a leading provider of healthcare products for dental and medical offices, has announced its financial results for the third quarter. Despite experiencing higher revenue, the company recorded a smaller profit due to increased costs.
In the third quarter, Henry Schein reported a profit of $137 million, equivalent to $1.05 per share. This is a decrease compared to the same period last year when the company earned a profit of $150 million, or $1.09 per share. However, after eliminating one-time items, adjusted earnings were $1.32 per share, which aligns with the expectations of analysts surveyed by FactSet.
The company's sales for the quarter reached $3.16 billion, an increase from $3.07 billion in the previous year's quarter. Although this growth falls slightly below analyst projections of $3.21 billion, it demonstrates a positive trend for Henry Schein.
Henry Schein attributes its sales growth to successful acquisitions and foreign-currency translation. However, the company notes that market softening in the second half of the quarter, as well as reduced sales of personal protective equipment and Covid-19 test kits, would have led to lower sales without these contributing factors.