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Zoetis Maintains FY23 Outlook; Q1 Adj. EPS Tops Estimates
(RTTNews) - While reporting financial results for the first quarter on Thursday, animal health company Zoetis Inc. (ZTS) maintained its earnings, adjusted earnings and revenue guidance for the full year 2023.
For fiscal 2022, the company continues to project earnings in a range of $5.03 to $5.14 per share and adjusted earnings in a range of $5.34 to $5.44 per share on revenues between $8.575 billion and $8.725 billion, with operational revenue growth of 6 to 8 percent.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $5.40 per share on revenues of $8.65 billion for the year. Analysts' estimates typically exclude special items.
For the first quarter, the company reported net income attributable to Zoetis of $552 million or $1.19 per share, up from $595 million or $1.26 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter were $1.31 per share, compared to $1.32 per share in the year-ago quarter.
Revenue for the quarter edged up 1 percent to $2.00 billion from $1.99 billion in the same quarter last year. On an operational basis, revenue increased 4 percent, excluding the impact of foreign currency.
The Street was looking for earnings of $1.26 per share on revenues of $2.01 billion for the quarter.
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