We expect decent returns on capital for Patterson despite near-term growth and margin headwinds.
To say Patterson had a tough quarter would be an understatement, as the dental and animal health distributor reported third-quarter results that showed a steep drop in revenue. Compounding the bad news was management’s revised downward guidance for the remainder of the fiscal year, which signals there will likely be no easing of troubles for the firm. Patterson also announced that it is “transitioning†its long-time CFO and will immediately commence with a search for a permanent replacement. Dri...
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