Animal health giant Zoetis (ZTS) beat fourth-quarter sales expectations Tuesday and issued a strong 2023 outlook, leading ZTS stock to pop.
During the December period, sales rose 4% to $2.04 billion, narrowly topping forecasts for $2 billion, according to FactSet. Adjusted earnings jumped 15% to $1.15 per share and met estimates. The best growth came from the pet division, where sales rose 10%. Sales of medications for livestock toppled 7%.
For the year, Zoetis called for $8.575 billion to $8.725 billion in sales. The low end of the guidance came in above ZTS stock analysts’ call for $8.56 billion. The company also expects adjusted income of $5.34-$5.44 per share. Analysts projected $5.40 per share, a penny above the midpoint of Zoetis’ outlook.
In premarket action on the stock market today, ZTS stock advanced 2.8% near 167.80.
More to follow.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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