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.”
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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