Zoetis 3Q Income Slips, But Company Lifts Outlook
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.