Henry Schein Inc.’s stock
HSIC,
fell 3.3% in premarket trade Monday, after the provider of dental and medical supplies missed sales estimates for the third quarter and lowered its full-year guidance to reflect a slowing economy. Melville, N.Y.-based Henry Schein had net income of $173 million, or $1.32 a share, for the quarter, after income of $150 million, or $1.09 a share, in the year-earlier period. Adjusted per-share earnings also came to $1.32, matching the FactSet consensus. Sales rose to $3.162 billion from $3.067 billion a year ago, just below the $3.212 billion FactSet consensus. The company narrowed its full-year guidance and now expects adjusted EPS of $4.43 to $4.71. The FactSet consensus is for EPS of $5.20. The new guidance comes from a narrowing of the previous range for underlying EPS of 54.18 to $5.26 from prior guidance of $5.18 to $5.35, to reflect softening macro conditions. The company also expects an estimated 55 cent to 75 cent business interruption impact from a recent cybersecurity incident, excluding any future insurance claim recovery. Sales are expected to be down 1% to 3%, compared with prior guidance for 1% to 3% growth. The stock has fallen 20% in the year to date, while the S&P 500
SPX,
has gained 15%.
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