Zoetis Q3 Profit Declines, Revises Full-year View - Quick Facts

(RTTNews) - Zoetis Inc. (ZTS), the former animal health business of Pfizer Inc. (PFE), Tuesday reported third-quarter net income attributable to the company of $131 million or $0.26 per share, down from $162 million or $0.32 per share in the previous year.

On an adjusted basis, earnings for the recent quarter totaled $0.34 per share, while the company posted $0.31 per share a year ago.

On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of $0.34 per share for the quarter. Analysts' estimates typically exclude special items.

Adjusted net income excluded net impact of $41 million, or $0.08 per share, for purchase accounting adjustments, acquisition-related costs and certain significant items.

Revenues for the quarter grew 8 percent to $1.10 billion from $1.02 billion a year earlier. Analysts estimated revenues of $1.06 billion for the quarter.

Revenue reflected an operational increase of 9%, with foreign currency having a negative impact of 1 percentage point, the company said.

For full-year 2013, the company now expects adjusted earnings per share to be in the range of $1.38 to $1.42 per share, while the firm earlier projected $1.36 to $1.42 per share.

The company also expects to achieve reported earnings per share for the full year to be $0.98 to $1.02 per share, compared to the earlier guidance of $1.00 to $1.06 per share. The firm said this guidance includes the impact of nonrecurring costs of $220 million to $240 million, primarily associated with becoming a standalone public company.

Revenues are expected to be between $4.475 billion and $4.525 billion, compared to the prior outlook of $4.425 billion to $4.525 billion. .

Analysts are looking for earnings of $1.40 per share, on revenues of $4.49 billion for the year.