By Micah Maidenberg
Zoetis Inc. said stronger demand in the U.S. for products used to treat pets bolstered results in the fourth quarter.
The animal-health company Tuesday reported profit attributable to Zoetis of $359 million, down from $384 million a year earlier. Earnings per share weakened to 75 cents from 81 cents.
Zoetis reported an adjusted profit for the quarter of 91 cents.
Higher expenses weighed on earnings, even though revenue rose 8% to $1.81 billion. Selling, general and administrative expenses were up 10% and the cost of sales increased 13%, it said.
Analysts polled by FactSet had predicted Zoetis would report an adjusted profit of 86 cents a share on $1.74 billion in revenue.
In the U.S., revenue was up 11% in the fourth quarter, with sales of products for companion animals such as dogs expanding and sales for cattle products moving lower, the company said.
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(END) Dow Jones Newswires
February 16, 2021 07:36 ET (12:36 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.