NEW YORK (TheStreet) -- Shares of Zoetis (ZTS) were climbing in pre-market trading on Wednesday after the company reported better-than-anticipated 2016 third quarter results and increased its forecast.
Before the market open, the Florham Park, NJ-based animal health company posted adjusted earnings of 52 cents per diluted share, topping analysts' estimates of 46 cents per share.
Revenue grew 2% year-over-year to $1.24 billion and beat Wall Street's projections of $1.22 billion.
For the full year, Zoetis expects adjusted earnings per diluted share of $1.91 to $1.96 on revenue between $4.85 billion and $4.90 billion. Previously, the company had forecast adjusted earnings per diluted share of $1.86 to $1.93 on revenue of $4.80 billion to $4.90 billion.
Analysts are looking for full-year adjusted earnings of $1.91 per share on revenue of $4.88 billion.
For 2017, the company is modeling adjusted earnings per diluted share of $2.28 to $2.38 on revenue between $5.15 billion and $5.28 billion. That is higher than Zoetis' previous view of adjusted earnings per diluted share of $2.24 to $2.38 on revenue of $5.08 billion to $5.28 billion.
Wall Street projects adjusted earnings of $2.33 per share on revenue of $5.19 billion for 2017.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "buy" with a ratings score of B+.