Henry Schein Inc., Long Island’s largest public company by revenue, Wednesday reported year-over-year gains in third quarter revenue and net income led by a 7.9 percent sales increase in its animal health unit.
The Melville-based supplier of products and services to the offices of dentists, doctors and veterinarians posted net sales of $2.9 billion, a 6.7 percent increase versus the 2015 quarter.
Net income attributable to Henry Schein Inc. was $133.7 million, or $1.63 per diluted share, respective increases of 4.7 percent and 7.2 percent compared to the year-earlier quarter. Those increases were blunted by pretax restructuring costs of $5.4 million or 5 cents per diluted share.
Company chairman and CEO Stanley M. Bergman affirmed in a statement a 2016 forecast for 7 percent to 8 percent growth in diluted earnings per share versus 2015. He unveiled guidance for 2017 of diluted earnings per share growth of 17 percent to 19 percent compared to 2016.
The company’s largest unit, which supplies products and services to dentists, reported quarterly sales of $1.3 billion, an increase of 5.1 percent.
Animal health sales were $790.3 million, while medical sales climbed 7.1 percent to $639.6 million.
In a research note, Ross J. Muken, an analyst at Manhattan investment bank Evercore ISI, said that Henry Schein’s results were “better than feared” as 4.4 percent growth in the North American dental market allayed investor concerns.
Shares of Henry Schein rose 6.2 percent to close at $156.09 on the New York Stock Exchange Wednesday. The company’s stock has declined 1 percent since the beginning of the year.