Henry Schein Revises 2018 Non-GAAP EPS Guidance - Quick Facts

(RTTNews) - Henry Schein, Inc. (HSIC) announced its 2018 non-GAAP EPS attributable to company is now expected to be $4.06 to $4.14, reflecting growth of 13% to 15% compared with 2017, versus prior guidance of $4.03 to $4.14. The company said its guidance includes costs related to a previously announced one-time cash bonus to certain designated staff members and excludes costs related to the restructuring and the planned spin-off of the Henry Schein Animal Health business in 2018. Henry Schein expects to update full-year earnings guidance for the remaining business once the spin-off of its Animal Health business closes.

Henry Schein expects to record a one-time restructuring charge in 2018 of between $45 million and $55 million on a pretax basis, or $0.22 to $0.27 per diluted share. The restructuring charge primarily includes severance pay, facility closing costs, and outside professional and consulting fees directly related to the restructuring plan.

Non-GAAP net income for the second quarter of 2018 was $159.8 million, or $1.04 per diluted share, representing growth of 14.7% and 18.2%, respectively, compared with non-GAAP results for the second quarter of 2017. Net sales for the quarter ended June 30, 2018 were $3.3 billion, an increase of 8.7% compared with the second quarter of 2017. This consisted of 6.5% growth in local currencies and a 2.2% increase related to foreign currency exchange. In local currencies, internally generated sales increased 4.8% and acquisition growth was 1.7%.