Profits rise again at Henry Schein
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, during July, August and September, compared to the same period last year. Overall sales climbed 5.7 percent, to $2.2 billion. Revenue from veterinary sales climbed 19 percent, to $598 million.
Earnings per share were up 9 percent, to $1.08 a share, compared to $1.01 last year.
“We gained market share in each of our four business groups during the third quarter,” Henry Schein chairman and chief executive Stanley M. Bergman said in a statement.
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.
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 about 1 percent in early trading Wednesday, to $78.05 per share.
Photo: Henry Schein chairman and chief executive Stanley M. Bergman.