Zoetis 1Q earnings climb 11 pct, forecast backed

Zoetis 1st quarter earnings climb 11 pct, animal health business backs forecast for 2014

Associated Press

FLORHAM PARK, N.J. (AP) -- Zoetis reported an 11 percent jump in first-quarter earnings as revenue growth at its North America animal health business offset a decline in the same business in Europe, Africa and the Middle East.

The Florham Park antibiotic and vaccine maker said Tuesday that livestock products helped U.S. revenue climb 6 percent to $479 million in the quarter, while Canada/Latin America revenue rose 10 percent to $168 million. Overall revenue grew only 1 percent to about $1.1 billion due to the impact of foreign exchange rates, the company said.

That fell short of analyst expectations for $1.13 billion in revenue, according to FactSet.

Zoetis earned $155 million, or 31 cents per share, which was up from $140 million, or 28 cents per share, last year.

Adjusted results totaled 38 cents, which beat average analyst expectations by a penny.

The company also said Tuesday that it reaffirmed its forecast for 2014 adjusted earnings of between $1.48 and $1.54 per share on revenue ranging from $4.65 billion to $4.75 billion.

Analysts forecast earnings of $1.52 per share on about $4.73 billion in revenue.

Zoetis Inc. is the former animal health business of Pfizer Inc., the world's second-largest drugmaker.

Zoetis shares fell 31 cents to $30.22 Tuesday morning while the Standard & Poor's 500 index also slipped.

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