Shares of Patterson Companies (NASDAQ: PDCO) fell as much as 14.2% early Wednesday, then partially recovered to trade down 5.6% as of 11.50 a.m. EDT after the company announced slightly weaker-than-expected revenue for its fiscal 2024 first quarter ended July 29, 2023.

Patterson's quarterly revenue climbed 3.5% year over year to $1.577 billion, translating to generally accepted accounting principles (GAAP) net income of $31.2 million, or $0.32 per share. On an adjusted (non-GAAP) basis, Patterson's earnings were $38.6 million, or $0.40 per share, up 25% from $0.32 per share in the same year-ago period. Analysts, on average, were modeling roughly the same adjusted earnings but on slightly higher revenue of $1.58 billion.

Delving deeper into Patterson's results, internal sales -- a metric that adjusts for the effects of acquisitions and currency translation -- grew 2.8% year over year. Management credited their outsize earnings growth to margin-improvement initiatives within both the company's dental and animal health segments. Dental segment internal sales grew a modest 2.1% year over year, while animal health segment revenue climbed 4%.

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Source Fool.com