Zoetis Q3 Profit Rises; Updates FY Outlook

(RTTNews) - Zoetis Inc. (ZTS) reported that its net income attributable to the company for the third quarter of 2023 rose to $596 million or $1.29 per share, from $529 million or $1.13 per share in the prior year.

Adjusted net income for the third quarter of 2023 was $629 million or $1.36 per share, compared to $566 million or $1.21 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.36 per share for the third-quarter. Analysts' estimates typically exclude special items.

Revenue was $2.15 billion for the third quarter of 2023, an increase of 7% compared with the third quarter of 2022. On an operational basis, revenue for the third quarter of 2023 increased 8% compared with the third quarter of 2022, excluding the impact of foreign currency. Analysts expected revenue of $ 2.18 billion for the quarter.

Zoetis updated its full year reported 2023 guidance due to foreign exchange rates.

The company now expects annual earnings per share to be in the range of $5.14 to $5.21, adjusted earnings per share of $5.38 to $5.43 and revenue of $8.475 billion to $8.550 billion.

Earlier, the company expected annual earnings per share to be $5.15 to $5.27, adjusted earnings per share of $5.37 to $5.47 and revenue of $8.500 billion to $8.650 billion.

Analysts expect the company to report earnings of $5.43 per share and revenues of $8.59 billion for fiscal year 2023.

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