PSS World Medical Earnings: Two Straight Quarters of Falling Profit

PSS World Medical Inc. (NASDAQ:PSSI) reported its results for the first quarter. PSS World Medical is a national distributor of medical products and equipment, pharmaceutical products, healthcare information technology, and billing services to alternate-site healthcare providers.

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PSS World Medical Inc. Earnings Cheat Sheet

Results: Net income for PSS World Medical Inc. fell to $10.7 million (21 cents per share) vs. $14.2 million (25 cents per share) a year earlier. This is a decline of 24.6% from the year-earlier quarter.

Actual vs. Wall St. Expectations: PSS World Medical Inc. fell in line with the mean analyst estimate of 21 cents per share.

Quoting Management: David M. Bronson, Executive Vice President and Chief Financial Officer, commented, “Traction in our core business strategies, combined with the impact from recent acquisitions, led to much-improved revenue growth in the first quarter of our fiscal year 2013.”

Key Stats:

The company’s net income has fallen in each of the last two quarters. In the fourth quarter of the last fiscal year, net income fell 7.7% from the year-earlier quarter.

After missing the mark in the previous two quarters, the company met analyst estimates. In the fourth quarter of the last fiscal year, it fell short by 5 cents, and in the third quarter of the last fiscal year, it was under-estimate by one cent.

Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the second quarter has moved down from 43 cents a share to 29 cents over the last ninety days. For the fiscal year, the average estimate has moved down from $1.64 a share to $1.13 over the last ninety days.

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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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