Henry Schein Inc., Long Island's largest public company by revenue, reported higher net sales and net income in its most recent quarter, despite the headwind from a strong dollar.
Melville-based Henry Schein, a global distributor of dental, veterinary and medical products to practitioners' offices, Wednesday reported net sales of $2.7 billion in the quarter ended Sept. 26, a rise of 2.4 percent from the year-earlier quarter. The company said internal growth and acquisitions contributed to the gain.
Net income attributable to the company was $127.7 million, a gain of about 11 percent. Net income overall increased 14 percent to $141.4 million, from $124.2 million a year ago. Net income per diluted share rose 18 cents to $1.52.
"Through our long-standing strategy of organic growth complemented by strategic acquisitions, we believe we continued to gain market share on an overall basis during the quarter, both in North America and internationally," chairman and chief executive Stanley M. Bergman said in a statement. He said the results were strong "despite the continued negative impact of the strength of the U.S. dollar."
Medical sales led growth, rising 24.3 percent to $597.2 million. That revenue gain came net of a 0.7 percent drag related to foreign currency exchange, as sales made in foreign currencies translated back into fewer dollars. Dental sales dropped 2.5 percent to $1.3 billion -- including a 7.1 percent foreign currency exchange hit. And animal-health sales fell 3.4 percent to $732.5 million, dragged down by a 7.9 percent currency decline.
After excluding restructuring costs and a one-time income tax benefit, Henry Schein said its adjusted net income was $130.6 million, or $1.55 per diluted share.
Bergman said the company expects adjusted earnings per share to grow by 10 percent to 12 percent in 2016.
Shares of Henry Schein gained $2.43 Wednesday to close at $154.92 in Nasdaq trading.