Schein misses Q2 estimates on currency woes and sales challenges

Distributor Henry Schein ($HSIC), which is undergoing a major expansion of its animal health business, reported that earnings in the second quarter grew 8% year over year to $123.2 million or $1.46 per diluted share, on sales that rose a half-percent to $2.6 billion. Earnings-per-share missed estimates by a penny, as the company's top line continued to suffer from unfavorable exchange rates. Sales in the animal health unit came in at $748.6 million, which marked a 0.6% year-over-year increase when accounted for in local currencies. That included a 4% decline in North America, which was caused by a shifting product mix and sales model. Shares dropped 2% to $146.54 following the announcement. Still, CEO Stanley Bergman said in the earnings release that he's optimistic about the company's growth prospects, particularly in animal health, where Schein recently made acquisitions that bring it into Denmark, Norway, Sweden and Romania. Release

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