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Henry Schein reports sales, profits up
Placed by : Looking for Dental 26-02-2008
Henry Schein Inc., one of the world's largest distributors of dental and medical products and Long Island's third-largest company, remained healthy in the fourth quarter, reporting Monday that sales rose 16.4 percent compared with the same period last year.
Melville-based Henry Schein said that it earned $78.3 million in the quarter, up from $63 million in the fourth quarter of 2006.
Sales in the latest quarter were $1.7 billion, up from $1.4 billion in the last three months of '06.
Henry Schein earned 85 cents a share in the fourth quarter, up from 70 cents in the year-ago period. That beat the average 82-cent estimate of Wall Street analysts.
The company said in a release before markets opened for trading that dental sales particularly boosted revenues and profits. Dental sales rose 12.8 percent in the fourth quarter. Henry Schein said sales of both traditional and high-tech dental products were strong.
Medical sales, however, fell 5.5 percent in the latest quarter, impacted by the timing of flu vaccines. Flu vaccine sales were higher in the third quarter of '07 due to earlier shipments, but were significantly lower in the last quarter of '07 when compared with the fourth quarter of '06.
Excluding flu vaccine sales, medical equipment revenues rose 3.8 percent in the quarter.
Sales overseas rose 42.5 percent, Henry Schein said, with strong gains in the United Kingdom, Spain, and Italy.
Sales in the technology and value-added areas rose 44.8 percent in the latest quarter.
For the full 2007 year, sales were $5.9 billion, a 17.3 percent increase over '06 figures.
Stanley Bergman, Henry Schien's chairman and chief executive, called the fourth-quarter and year-end results "solid."
The company reaffirmed its guidance for this year, saying earnings-per-share should be $2.93 to $3, representing growth of 14 percent to 16 percent, compared with 2007.
Henry Schein said that it expects to distribute between 12 million to 15 million doses of flu vaccine during the year, contributing between 13 cents to 16 cents a share.
Henry Schein is Long Island's third-largest company in terms of sales, after Arrow Electronics Inc., a components distributor in Melville, and Cablevision Systems Corp. of Bethpage.
In early trading Monday, shares of Henry Schein were down 84 cents to $59.54.