Shares of Henry Schein Inc. HSIC, +4.66% rallied 3.5% in premarket trade Monday, after the health care services company beat profit and sales expectations and raised its earnings outlook, while announcing restructuring actions that include job cuts and facility closings. Net income rose to $141.2 million, or 92 cents a share, from $136.1 million, or 86 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.04, above the FactSet consensus of $1.01. Revenue grew to $3.33 billion from $3.06 billion, topping the FactSet consensus of $3.31 billion, as dental, animal health and medical sales all beat expectations. The company raised its 2018 adjusted EPS outlook to $4.06 to $4.14 from $4.03 to $4.14. Separately, the company said it would record a per-share charge of 22 cents to 27 cents in 2018 as a result of the restructuring. The stock has rallied 15% year to date through Friday, while the SPDR Health Care Select Sector ETF XLV, +0.29% has climbed 8.6% and the S&P 500 SPX, +0.38% has gained 6.2%.
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