Zoetis Inc. (NYSE:ZTS) today reported its financial results for the first quarter of 2014. The company reported revenue of $1.1 billion for the first quarter of 2014, an increase of 1% from the first quarter of 2013. Revenue reflected an operational 2 increase of 4%, with foreign currency having a negative impact of 3 percentage points.
Net income for the first quarter of 2014 was $155 million, or $0.31 per diluted share, an increase of 11%, compared to the first quarter of 2013. Adjusted net income 1 for the first quarter of 2014 was $191 million, or $0.38 per diluted share, an increase of 7% and 6%, respectively, compared to the first quarter of 2013. Adjusted net income 1 for the first quarter of 2014 excludes the net impact of $36 million, or $0.07 per diluted share, for purchase accounting adjustments, acquisition-related costs and certain significant items.
"We began the year with 4% operational growth in revenue, adjusted net income growing faster than sales, and we remain confident in meeting our financial objectives for the year," said Zoetis Chief Executive Officer Juan Ramón Alaix. “Despite some challenges in the first quarter, we grew sales operationally in three of our regional segments and across all our major species. Our performance in the U.S. and across emerging markets helped offset an operational decline in certain developed markets in Europe and Asia-Pacific," said Alaix.“The depth and diversity of our product portfolio remain core strengths of our business, helping to minimize any challenges that may occur within a single species, geography, product line or therapeutic area,” said Alaix. “With our focus on innovative new medicines and product lifecycle development, we have seen continued adoption of new products and services in a number of new markets.”
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV