MELVILLE, N.Y.—Medical-supply distributor Henry Schein Inc.'s profit grew 5 percent in the third quarter, but its stock fell after its 2012 earnings outlook came up short of Wall Street expectations.
Henry Schein said Tuesday that its income rose to $92 million, or 99 cents per share, from $87.9 million, or 94 cents per share. Its revenue picked up 12 percent, to $2.11 billion from $1.89 billion.
Analysts expected the company to report a profit of $1.01 per share and revenue of $2.06 billion.
The company said its North American dental revenue rose 2.5 percent to $682.4 million on greater sales of consumable products. North American medical revenue rose 2.6 percent to $402.2 million. International sales rose 28 percent to $718.5 million after it acquired Provet Holdings, an Australian veterinary products distributor. That deal closed early in 2011.
Henry Schein said its technology and service revenue grew 26.5 percent to $62.2 million.
The company maintained its 2011 profit guidance of $3.92 to $3.98 per share. Analysts expect the company to earn $3.96 per share on average.
Henry Schein forecast a profit of $4.25 to $4.34 per share for 2012, while analysts expected $4.40 per share. Shares of Henry Schein dropped $5.17, or 7.5 percent, to $64.15 in midday trading.