Zoetis Q2 Results Beat Estimates; Raises And Narrows FY20 Outlook

(RTTNews) - Animal health company Zoetis Inc. (ZTS) on Thursday reported net income for the second quarter of $377 million or $0.79 per share, up from $371 million or $0.77 per share in the year-ago period.

Adjusted earnings were $0.89 per share, compared to $0.90 per share in the prior-year quarter.

Revenue for the quarter was $1.548 billion, almost unchanged from $1.547 billion last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.64 per share on revenues of $1.36 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead, Zoetis raised and narrows its fiscal 2020 outlook. The company now projects revenue in a range of $6.300 billion to $6.475 billion, earnings per share of $3.14 to $3.32 on a reported basis, and $3.52 to $3.68 on an adjusted basis.

Previously, the company projected full-year revenues between $5.95 billion and $6.25 billion, earnings in a range of $2.80 to $3.07 per share and adjusted earnings in a range of $3.17 to $3.42 per share.

The Street expects the company to earn $3.35 per share for the year on revenues of $6.19 billion.