Animal health company Zoetis said Tuesday its net income fell 19 percent in the third quarter on costs related to its separation from Pfizer, its former parent, and other one-time items.
Zoetis Inc. was spun off from Pfizer in February. The company's third-quarter earnings were hurt by costs related to Zoetis becoming a separate company, accounting changes, and other items.
The company's net income decreased to $131 million, or 26 cents per share, from $162 million, or 32 cents per share. Excluding one-time charges Zoetis said its earnings per share rose to 34 cents from 31 cents. Revenue grew 8 percent, to $1.1 billion from $1.02 billion.
Analysts expected income of 34 cents per share and $1.06 billion in revenue, according to FactSet.
The Florham Park, N.J., company is now forecasting full-year adjusted income of $1.38 to $1.42 per share and revenue of $4.48 billion from $4.53 billion. It had expected net income of $1.36 to $1.42 per share and $4.43 billion to $4.53 billion in revenue.
Analysts are projecting $1.40 per share and $4.48 billion, on average.
Shares of Zoetis lost 29 cents to $31.66 in midday trading.