Zoetis Q2 Results Top Estimates, Ups Full-year Forecast

(RTTNews) - Zoetis Inc. (ZTS) Tuesday said its second-quarter net loss was $37 million or $0.07 per share, compared to earnings of $136 million or $0.27 per share in the previous year.

The latest results include $263 million in pre-tax charges related to the company's comprehensive operational efficiency initiative.

Adjusted net income was $0.43 per share, while it totaled $0.38 per share last year. On average, 12 analysts polled by Thomson Reuters expected earnings of $0.38 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue rose 1 percent to $1.175 billion from $1.158 billion. Analysts expected revenues of $1.12 billion.

Further, Zoetis narrowed its revenue and earnings per share guidance for full year 2015 toward the higher end of its previous ranges to reflect its year-to-date performance and outlook for the remainder of 2015.

The company expects adjusted earnings of between $1.63 and $1.68 per share, and reported earnings of between $0.81 and $1.02 per share.

Revenue is estimated to be between $4.700 billion and $4.775 billion.

In May, the company projected reported earnings per share to be between $0.79 to $1.02 per share, adjusted earnings per share of $1.61 to $1.68 per share, revenue of $4.675 billion to $4.775 billion.

Wall Street looks for full-year earnings of $1.66 per share on revenues of $4.74 billion.

Zoetis also reaffirmed its long-term outlook for 2016 and 2017.