ZTS Zoetis Inc

By Dave Sebastian

Zoetis Inc. said its profit and sales rose for the first quarter but lowered its full-year guidance as it accounts for the effect of the Covid-19 pandemic.

The animal-health company on Wednesday posted net income of $423 million, or 88 cents a share, compared with $312 million, or 65 cents a share, in the comparable quarter last year.

Adjusted earnings were 95 cents a share, ahead of the 86 cents a share analysts polled by FactSet had expected.

Sales rose to $1.53 billion from $1.46 billion in the year-ago period. Analysts were looking for $1.5 billion.

The company said the pandemic had little effect on the quarter, but it sees continuing challenges and uncertainties and lowered its full-year outlook.

Zoetis now sees earnings for the full year of between $2.80 and $3.07 a share, or $3.17 to $3.42 a share on an adjusted basis, on revenue of $5.95 billion to $6.25 billion. It previously guided to earnings of $3.53 to $3.65 a share, or $3.90 to $4 a share on an adjusted basis, on revenue of $6.65 billion to $6.8 billion.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

May 06, 2020 07:33 ET (11:33 GMT)

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