Henry Schein's stock falls after revenue miss and lowered guidance
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 has gained 15%.
-Ciara Linnane
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
11-13-23 0622ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
3 Dividend Stocks for October 2024
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued