Zoetis reported an 11 percent jump in first-quarter earnings as revenue growth at its North America animal health business offset a decline in the same business in Europe, Africa and the Middle East.
The Florham Park antibiotic and vaccine maker said Tuesday that livestock products helped U.S. revenue climb 6 percent to $479 million in the quarter, while Canada/Latin America revenue rose 10 percent to $168 million. Overall revenue grew only 1 percent to about $1.1 billion due to the impact of foreign exchange rates, the company said.
That fell short of analyst expectations for $1.13 billion in revenue, according to FactSet.
Zoetis earned $155 million, or 31 cents per share, which was up from $140 million, or 28 cents per share, last year.
Adjusted results totaled 38 cents, which beat average analyst expectations by a penny.
The company also said Tuesday that it reaffirmed its forecast for 2014 adjusted earnings of between $1.48 and $1.54 per share on revenue ranging from $4.65 billion to $4.75 billion.
Analysts forecast earnings of $1.52 per share on about $4.73 billion in revenue.
Zoetis Inc. is the former animal health business of Pfizer Inc., the world's second-largest drugmaker.
Zoetis shares fell 31 cents to $30.22 Tuesday morning while the Standard & Poor's 500 index also slipped.