Schein 3Q income rises on animal health revenue
MELVILLE, N.Y. (AP) — Health care products company Henry Schein Inc. said Wednesday that its net income grew 5 percent in the third quarter on stronger sales in its animal health division.
Animal health revenue climbed 19 percent in the third quarter. Henry Schein has expanded that business through a series of recent deals, including its purchase of Australian veterinary products distributor Provet Holdings early last year. In November, after the third quarter ended, it acquired Irish veterinary pharmaceutical distributor C&M Vetlink.
Net income rose to $96.8 million, or $1.08 per share, from $92 million, or 99 cents per share, a year earlier. Revenue increased 6 percent, to $2.23 billion.
Analysts expected $1.07 per share and $2.23 billion in revenue, according to FactSet.
Revenue from its dental business revenue held steady at $1.12 billion. Animal health revenue rose 19 percent to $598.1 million and medical revenue grew 4 percent to $442.5 million. Schein said North American revenue for the animal health business was particularly strong.
The company now expects net income of $4.35 to $4.40 per share this year, a positive revision on the lower end from a previous estimate of $4.30 to $4.40 per share. Analysts forecast income $4.36 per share on average.
Henry Schein shares rose $1.10 to close at $78.30.