Henry Schein profit up 5 percent
Henry Schein Inc., a Long-Island-based global distributor of medical products, reported another increase in profits Wednesday as its sales of veterinary supplies boomed.
The Melville company's third-quarter net income rose 5.2 percent, to $96.8 million, over the July-September period last year. Earnings per share were up 9 percent, to $1.08 a share, compared to $1.01 in 2011's third quarter.
Overall sales climbed 5.7 percent, to $2.2 billion. Revenue from veterinary sales climbed 19 percent, to $598 million.
"We're doing quite well on the vet side. Sales are good. Market share growth is good," Henry Schein chairman and CEO Stanley M. Bergman said during a call with analysts.
Henry Schein reported some setbacks this quarter. The company's sales of flu vaccine dipped, yet were more profitable. And sales from its largest division, dental supplies, were essentially flat, at $1.1 billion. International dental sales declined; the company noted weakness in dental equipment sales to Italy.
Sales of Henry Schein medical products climbed 4.2 percent, to $443 million.
Profits at the 80-year-old company have risen steadily in recent years as international demand has grown for dental implants, surgical instruments and other medical supplies.
In the United States that growth has been fueled by baby boomers, who are more likely than members of previous generations to visit doctors, dentists or take pets to the vet.
Henry Schein's stock rose 1.42 percent Wednesday to $78.30 per share.