Henry Schein Inc., Long Island’s largest public company by revenue, Tuesday reported a 10.1 percent year-over-year increase in first quarter net sales to $2.7 billion despite the negative effects of foreign currency exchange.
The distributor of health, dental and animal health products reported a 10 percent increase in net income to $113.8 million compared to the year-earlier period. Net income per diluted share was $1.37 versus $1.22 in the prior year’s quarter.
“The global markets we serve remained generally healthy, and although we faced continued headwinds from foreign currency exchange in our international business, the impact was far less than in 2015,” chairman and CEO Stanley M. Bergman said in a statement.
The Melville-based company, with operations or affiliates in 33 countries, affirmed its 2016 financial guidance, which called for adjusted diluted earnings per share of $6.55 to $6.65, an increase of 10 percent to 12 percent versus 2015.
“During the quarter we expanded our presence in Japan by acquiring a 50-percent interest in the One Piece subsidiary of J. Morita, one of the world’s largest manufacturers and distributors of dental equipment and supplies,” Bergman said. “We also signed an agreement to acquire a majority interest in Dental Cremer, a distributor of dental supplies and equipment in Brazil.”
In a research note, analyst Jeff Johnson, of Robert W. Baird & Co., said first quarter results “look solid” based on his initial impression, although investors might be disappointed that the company affirmed its 2016 earnings guidance instead of raising it.
Shares of Henry Schein shed 1.4 percent Tuesday to close at $168.54 on the Nasdaq Stock Market.