Henry Schein, the purveyor of health care products for dental and medical offices, saw a decline in profit but an increase in sales during the second quarter. This can be attributed to the growing demand for dental services and the rising confidence among its clients.
Financial Performance
In terms of profit, Henry Schein recorded $140 million, or $1.06 a share, compared to $160 million, or $1.16 a share, in the same quarter last year. After adjusting for one-time items, the company reported adjusted earnings of $1.31 a share. Analysts surveyed by FactSet had predicted earnings of $1.28 a share.
Despite the slight decrease in profit, the company experienced a rise in revenue. It generated $3.1 billion in sales for the quarter, up from $3.03 billion in the year-ago period. However, this figure fell slightly short of analyst forecasts of $3.13 billion according to FactSet.
Client Investment Boosts Sales
Stanley Bergman, the Chief Executive of Henry Schein, mentioned that the company’s clients are continuously investing in their practices. This has positively impacted the sales of equipment and general merchandise, contributing to the overall growth of the company.