Zoetis Inc. (ZTS) on Wednesday reported a 48% rise in first-quarter profit as it benefited from tax changes, and backed its full-year guidance.
The Parsippany, N.J.-based animal-health company posted a quarterly profit of $352 million, or 72 cents a share, compared with $238 million, or 48 cents a share, for the same period last year. Excluding items, Zoetis reported an adjusted profit of 75 cents a share for the quarter, compared with 53 cents a year earlier and analysts forecasts of 69 cents.
Sales rose to $1.37 billion, from $1.23 billion for the quarter ended March 31. This compares with analysts forecasts of $1.35 billion, according to FactSet.
Zoetis expects to report revenue for the year of $5.68 billion to $5.80 billion, compared with $5.31 billion in 2017. It forecasts profit of $2.77 to $2.93 a share, and an adjusted profit of $2.96 to $3.10 a share for 2018. This compares with a profit of $1.75 a share in 2017 and an adjusted profit of $2.40 a share.
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