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Shares of Zoetis fell in premarket trading Thursday. (Photo by Matt Cardy/Getty Images)
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Zoetis
stock was falling early Thursday after the animal health provider posted first-quarter revenue that fell short of analysts’ expectations.
Zoetis (ticker: ZTS) posted first-quarter adjusted earnings of $1.31 a share, higher than the $1.25 analysts had penciled in and slightly lower than the $1.32 recorded a year ago, according to FactSet.
Revenue for the quarter clocked in at $2 billion, slightly below analysts’ estimate of $2.01 billion and higher than the $1.99 billion a year ago.
The company said it is maintaining its full-year 2023 guidance.
“Looking ahead, we see positive indicators and strong demand for our animal health products, and we remain committed to delivering strong growth in 2023, based on our market leadership, innovative franchises, and diverse portfolio, while continuing to invest for the future,” said Chief Executive Officer Kristin Peck in the earnings release.
Shares of Zoetis fell 1% to $176 in premarket trading Thursday. It was a Barron’s stock pick earlier this year.
Write to Emily Dattilo at [email protected]
Source: https://www.barrons.com/articles/zoetis-earnings-stock-price-a7f9c37f?siteid=yhoof2&yptr=yahoo