Zoetis Inc. (NYSE:ZTS) today reported its financial results for the third quarter of 2013. The company reported revenue of $1.1 billion for the third quarter of 2013, an increase of 8% from the third quarter of 2012. Revenue reflected an operational 2 increase of 9%, with foreign currency having a negative impact of 1 percentage point.
Net income for the third quarter of 2013 was $131 million, or $0.26 per diluted share, a decrease of 19%, compared to the third quarter of 2012. Adjusted net income 1 for the third quarter of 2013 was $172 million, or $0.34 per diluted share, an increase of 12% and 10%, respectively, compared to the adjusted third quarter of 2012. Adjusted net income 1 for the third quarter of 2013 excludes the net impact of $41 million, or $0.08 per diluted share, for purchase accounting adjustments, acquisition-related costs and certain significant items.
“With three quarters now reported in our first year, I am pleased with how we are meeting our commitments to customers, delivering financial results and setting a solid foundation for our future,” said Zoetis Chief Executive Officer Juan Ramón Alaix. “We continue to build on the commercial performance, innovative R&D and reliable supply chain that have been critical to our success, while managing through all the changes that come with standing up a new company.”“This quarter, our diverse portfolio of products was once again a key factor in delivering revenue growth across all of our regions, while our scope and scale helped us grow our adjusted earnings faster than sales,” said Alaix. “We saw significant growth in the U.S., our largest market, which reflects strong sales in both companion animal and livestock products. And, as expected, the growth in U.S. livestock products reflects the impact of drought conditions that were experienced in the year-ago quarter. We also saw balanced performance across our other regions based on continued market acceptance of new products, growth in emerging markets, and steady performance of our core product lines.”