Zoetis Boosts FY24 Outlook As Q2 Results Top Estimates

(RTTNews) - While reporting financial results for the second quarter on Tuesday, animal health company Zoetis, Inc. (ZTS) raised its earnings, adjusted earnings and revenue guidance for the full year 2024.

For fiscal 2024, the company continues to project earnings in a range of $5.35 to $5.45 per share and adjusted earnings in a range of $5.78 to $5.88 per share on revenues between $9.10 billion and $9.25 billion, with operational revenue growth of 9 to 11 percent.

Previously, the company expected earnings in a range of $5.34 to $5.44 per share and adjusted earnings in a range of $5.71 to $5.81 per share on revenues between $9.05 billion and $9.20 billion, with operational revenue growth of 8.5 to 10.5 percent.

On average, 16 analysts polled by Thomson Reuters expect the company to report earnings of $5.77 per share on revenues of $9.15 billion for the year. Analysts' estimates typically exclude special items.

For the second quarter, the company reported net income attributable to Zoetis of $624 million or $1.37 per share, down from $671 million or $1.45 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $1.56 per share, compared to $1.41 per share in the year-ago quarter.

Revenue for the quarter grew 8 percent to $2.36 billion from $2.18 billion in the same quarter last year. On an operational basis, revenue increased 11 percent, excluding the impact of foreign currency.

The Street was looking for earnings of $1.49 per share on revenues of $2.31 billion for the quarter.

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