Zoetis Inc. (NYSE:ZTS) today reported its financial results for the fourth quarter and full year 2013. The company reported revenue of $1.25 billion for the fourth quarter of 2013, an increase of 7% from the fourth quarter of 2012. Revenue reflected an operational 2 increase of 9%, with foreign currency having a negative impact of 2 percentage points.
Net income for the fourth quarter of 2013 was $105 million, or $0.21 per diluted share. Adjusted net income 1 for the fourth quarter of 2013 was $180 million, or $0.36 per diluted share. Adjusted net income 1 for the fourth quarter of 2013 excludes the net impact of $75 million, or $0.15 per diluted share, for purchase accounting adjustments, acquisition-related costs and certain significant items.
For full year 2013, the company reported revenue of $4.56 billion, an increase of 5% from the full year 2012. Revenue reflected an operational 2 increase of 7%, with foreign currency having a negative impact of 2 percentage points.
Net income for the full year 2013 was $504 million, or $1.01 per diluted share, an increase of 16% compared to the full year 2012. Adjusted net income 1 for the full year 2013 was $709 million, or $1.42 per diluted share, an increase of 32% and 31%, respectively, compared to the adjusted full year 2012. Adjusted net income 1 for the full year 2013 excludes the net impact of $205 million, or $0.41 per diluted share, for purchase accounting adjustments, acquisition-related costs and certain significant items.EXECUTIVE COMMENTARY “In 2013, we successfully established ourselves as a new public company, delivered on our financial objectives, and continued meeting our customer commitments,” said Zoetis Chief Executive Officer Juan Ramón Alaix. “Our performance in 2013, together with our guidance for 2014, confirms our long-term objective to grow revenue in line with, or faster than, the market; to grow adjusted net income faster than revenue; and to bring additional value to our customers, colleagues and shareholders.”
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