UPDATE: Patterson Reports Upbeat FQ4 Earnings

Patterson Companies Inc PDCO reported a 1.5% rise in its fiscal fourth-quarter profit on Thursday. Patterson reported its quarterly profit at $62.7 million, or $0.53 per share, up from $61.8 million, or $0.52 per share, in the year-earlier period. Its revenue increased 8.7% to $883.8 million. However, analysts were expecting earnings of $0.51 per share on revenue of $845 million. Its gross margin dropped to 34.4% from 35.4%. For the current fiscal year, Patterson projects a profit of $1.90 to $2 per share, including an estimated $0.12 per share impact of non-cash expense related to its Employee Stock Ownership Plan. However, analysts expected a profit of $2.08 per share. Patterson shares dropped 0.28% to close at $35.13 yesterday. Read more from Benzinga's Company news.