Zoetis Slashes FY20 Outlook Amid COVID-19 - Quick Facts

(RTTNews) - While reporting financial results for the first quarter on Wednesday, animal health company Zoetis Inc. (ZTS) slashed its earnings and revenue guidance for the full year 2020 to reflect its current view of the estimated full-year impact of the COVID-19 outbreak, recessionary conditions in the global economy, and foreign currency headwinds.

For fiscal 2020, the company now projects 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 on revenues between $5.95 billion and $6.25 billion.

Previously, the company expected earnings in the range of $3.53 to $3.65 per share and adjusted earnings in the range of $3.90 to $4.00 per share on revenues between $6.65 billion and $6.80 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $3.71 per share on revenues of $6.34 billion for the year. Analysts' estimates typically exclude special items.