Zoetis Posts Higher 2Q Profit, Raises Fiscal Year Outlook
August 06 2020 - 08:10AM
Dow Jones News
By Dave Sebastian
Zoetis Inc. said its profit rose for the recent quarter and
raised its profit and revenue guidance for the full year as it
continues to cater to pet care amid the Covid-19 pandemic.
The Parsippany, N.J.-based company, which makes vaccines and
medication for livestock and pets, posted net income of $377
million, or 79 cents a share, in the second quarter, compared with
$371 million, or 77 cents a share, in the comparable quarter last
year.
Adjusted earnings were 89 cents a share, ahead of the 85 cents a
share analysts polled by FactSet had expected.
Sales were about flat at $1.55 billion. Analysts were looking
for $1.56 billion.
"Looking ahead, we expect our overall revenue growth for the
remainder of the year to be driven largely by companion animal
products, especially parasiticides and our key dermatology
portfolio," Chief Executive Kristin Peck said.
The company now expects full-year earnings of $3.14 a share to
$3.32 a share, or $3.52 a share to $3.68 a share on an adjusted
basis. It previously expected earnings of $2.80 a share to $3.07 a
share, or $3.17 a share to $3.42 a share on an adjusted basis.
Zoetis said it sees full-year revenue of $6.3 billion to $6.475
billion, up from its prior outlook of $5.95 billion to $6.25
billion.
Shares rose 3.7% to $163.48 in premarket trading.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
August 06, 2020 07:55 ET (11:55 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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