PARSIPPANY, N.J. (AP) — PARSIPPANY, N.J. (AP) — Zoetis Inc. (ZTS) on Thursday reported first-quarter profit of $601 million.
On a per-share basis, the Parsippany, New Jersey-based company said it had profit of $1.42. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, were $1.53 per share.
The results fell short of Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.61 per share.
The animal health company posted revenue of $2.26 billion in the period, also missing Street forecasts. Eight analysts surveyed by Zacks expected $2.3 billion.
Zoetis expects full-year earnings in the range of $6.85 to $7 per share, with revenue in the range of $9.68 billion to $9.96 billion.
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