Zoetis Lifts Outlook as Results Top Views
November 03 2015 - 8:30AM
Dow Jones News
Animal-health company Zoetis Inc. on Tuesday lifted its outlook
for the year after reporting stronger-than-expected profit and
revenue for its third quarter.
For the year, Zoetis is now expecting $1.70 to $1.74 a share in
earnings, up from its prior guidance of $1.63 to $1.68 a share. The
company narrowed its revenue range to $4.7 billion to $4.75
billion.
Shares of Zoetis recently rose 3% in premarket activity.
Zoetis, which was spun off by drug company Pfizer Inc. in 2013,
is the world's leading seller of vaccines and medicines for
livestock and household pets by sales.
The company is benefiting from strength in its livestock
business and its recent acquisition of Abbott Laboratories Inc.'s
pet-products business.
In the latest quarter, the company's pet-drug sales jumped 18%
on an operational basis, which excludes currency impacts. The unit
was helped by the Abbott acquisition.
Livestock sales grew 5% on an operational basis, led by growth
in cattle and swine products.
In all, Zoetis reported a profit of $189 million, or 38 cents a
share, compared with a prior-year profit of $166 million, or 33
cents a share. Excluding special items, per-share earnings were 50
cents.
Revenue was essentially flat at $1.21 billion.
Analysts polled by Thomson Reuters had forecast 40 cents a share
in earnings on $1.18 billion in revenue.
The company also boosted its long-term guidance.
For its 2016 full year, Zoetis is now forecasting earnings of
$1.84 to $1.94 a share on revenue of $4.75 billion to $4.88
billion. It previously forecast earnings of $1.61 to $1.68 a share
on revenue of $4.68 billion to $4.78 billion.
For 2017, it is expecting earnings of $2.24 to $2.38 a share on
revenue of $5.03 billion to $5.23 billion. It previously forecast
earnings of $2.18 to $2.32 a share on revenue of $4.85 billion to
$5.05 billion.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 03, 2015 08:15 ET (13:15 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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