Patterson Companies lowers FY17 EPS view to $2.25-$2.35, consensus $2.64
Patterson revised fiscal 2017 non-GAAP adjusted earnings guidance to reflect the company's current business environment and strategies. The company said, "We believe that we are making the right strategic moves to build sustainable growth platforms in our two fundamentally strong and changing markets. In light of both external market factors and our strategic decisions, we have re-examined our financial outlook for the year. When we entered fiscal 2017, our guidance was predicated on end markets similar to those experienced in fiscal 2016. But we, along with others in our industry, have seen softness in the U.S. dental market and challenges with branded pharmaceutical companies in our animal health business. Just as important as these external factors, we made important strategic decisions in the first half of fiscal 2017 to realign our Dental sales force to enhance our effectiveness and, more recently, to enable leveraging of our sales, service and technical support infrastructure across a wide range of products and customers in the future. While these strategic decisions will impact our near-term performance, we believe they are integral to evolving the customer-centric approach for which we are known and to realize our growth ambitions."