Zoetis 1Q Revenue Edges Higher While Profit Slips
May 04 2023 - 07:56AM
Dow Jones News
By Dean Seal
Zoetis logged a slimmer profit but slightly higher revenue in
the first quarter as sales growth in its international business
offset a small decline in its U.S. segment.
The veterinary-drug maker posted a profit of $552 million, or
$1.19 a share, compared with $595 million, or $1.26 a share, in the
same quarter a year ago.
Stripping out one-time items, adjusted earnings were $1.31 a
share. Analysts polled by FactSet had been expecting $1.25 a
share.
Revenue rose 1% to $2 billion, below analyst forecasts of $2.01
billion, according to FactSet.
Zoetis, which was spun off by drug giant Pfizer in 2013, said
revenue in the U.S. was down slightly with fewer sales of companion
animal products due to de-stocking across its portfolio and pull
forward of demand in the fourth quarter, when its prices were lower
and promotions abounded.
Revenue in the international segment meanwhile rose on higher
sales of companion animal products and livestock products.
Shares ticked down 1% to $176 in premarket trading.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
May 04, 2023 07:41 ET (11:41 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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