Patterson Companies, Inc.,(PDCO) a leading distributor serving the dental, veterinary, and rehabilitation supply markets, has released its financial results for the fiscal year ended April 29, 2023. The company reported a net income of $207.6 million, representing a solid performance for the year. Additionally, Patterson Companies achieved significant revenue of $6.47 billion, demonstrating strong growth in its core markets. Let's delve into the details of the company's consolidated balance sheets and statements of operations to gain further insights into its financial performance.
Patterson Companies' consolidated balance sheets showcase its financial position as of April 29, 2023, and April 30, 2022. The company's current assets increased from $1.68 billion in 2022 to $1.78 billion in 2023, primarily driven by growth in cash and cash equivalents, receivables, and inventory. Notably, cash and cash equivalents rose to $159.7 million, reflecting improved liquidity. Property and equipment remained relatively stable at $212.3 million, while investments increased to $160.0 million. Overall, the total assets of Patterson Companies reached $2.88 billion in 2023, a positive indicator of the company's financial health and potential for future growth.
Patterson Companies' consolidated statements of operations provide an overview of its financial performance for the fiscal years ended April 29, 2023, April 30, 2022, and April 24, 2021. The company generated net sales of $6.47 billion in 2023, slightly lower than the previous year's figure of $6.50 billion. However, the cost of sales decreased from $5.21 billion in 2022 to $5.10 billion in 2023, leading to a gross profit of $1.37 billion. Patterson Companies effectively managed its operating expenses, which amounted to $1.10 billion in 2023, compared to $1.13 billion in 2022. As a result, the company achieved an operating income of $275.9 million, marking a substantial increase from $157.0 million in the previous year.
Patterson Companies' net income for the fiscal year 2023 was reported at $207.6 million, surpassing the prior year's net income of $201.7 million. This positive growth can be attributed to the company's effective cost management and operational efficiency. The diluted earnings per share attributable to Patterson Companies, Inc. rose to $2.12 in 2023 from $2.06 in 2022. Furthermore, the company declared a dividend of $1.04 per common share, maintaining consistency in providing returns to its shareholders. In terms of comprehensive income, Patterson Companies recorded $198.9 million in 2023, indicating an increase from $182.8 million in 2022. The comprehensive income encompasses net income, foreign currency translation gain (loss), and cash flow hedges, net of tax.
Patterson Companies' strong financial performance and strategic focus on its core markets have positioned the company for continued success. With a solid balance sheet and positive net income, Patterson Companies is well-equipped to navigate the dynamic landscape of the dental, veterinary, and rehabilitation supply markets, delivering value to its stakeholders and driving future growth.