PARSIPPANY, N.J. (AP) _ Zoetis Inc. (ZTS) on Thursday reported first-quarter net income of $312 million.
On a per-share basis, the Parsippany, New Jersey-based company said it had net income of 65 cents. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, were 88 cents per share.
The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 79 cents per share.
The animal health company posted revenue of $1.46 billion in the period, which missed Street forecasts. Four analysts surveyed by Zacks expected $1.47 billion.
Zoetis expects full-year earnings in the range of $3.42 to $3.52 per share, with revenue in the range of $6.1 billion to $6.23 billion.
Zoetis shares have climbed 19% since the beginning of the year, while the Standard & Poor's 500 index has climbed 17%. The stock has increased 22% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ZTS at https://www.zacks.com/ap/ZTS