By Dave Sebastian
Zoetis Inc. said its profit rose for the recent quarter and raised its profit and revenue guidance for the full year as it continues to cater to pet care amid the Covid-19 pandemic.
The Parsippany, N.J.-based company, which makes vaccines and medication for livestock and pets, posted net income of $377 million, or 79 cents a share, in the second quarter, compared with $371 million, or 77 cents a share, in the comparable quarter last year.
Adjusted earnings were 89 cents a share, ahead of the 85 cents a share analysts polled by FactSet had expected.
Sales were about flat at $1.55 billion. Analysts were looking for $1.56 billion.
"Looking ahead, we expect our overall revenue growth for the remainder of the year to be driven largely by companion animal products, especially parasiticides and our key dermatology portfolio," Chief Executive Kristin Peck said.
The company now expects full-year earnings of $3.14 a share to $3.32 a share, or $3.52 a share to $3.68 a share on an adjusted basis. It previously expected earnings of $2.80 a share to $3.07 a share, or $3.17 a share to $3.42 a share on an adjusted basis.
Zoetis said it sees full-year revenue of $6.3 billion to $6.475 billion, up from its prior outlook of $5.95 billion to $6.25 billion.
Shares rose 3.7% to $163.48 in premarket trading.
Write to Dave Sebastian at email@example.com
(END) Dow Jones Newswires
August 06, 2020 07:55 ET (11:55 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.