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Zoetis Guides Trims FY22 Outlook; Q1 Results Top Estimates

While reporting financial results for the first quarter on Thursday, animal health company Zoetis Inc. (ZTS) trimmed its earnings and revenue guidance for the full year 2022.

For fiscal 2022, the company now projects earnings in a range of $4.65 to $4.77 per share and adjusted earnings in a range of $4.99 to $5.09 per share on revenues between $8.225 billion and $8.375 billion.

Previously, the company expected earnings in a range of $4.75 to $4.87 per share and adjusted earnings in a range of $5.09 to $5.19 per share on revenues between $8.325 billion and $8.475 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $5.16 per share on revenues of $8.42 billion for the year. Analysts' estimates typically exclude special items.

For the first quarter, the company reported net income attributable to Zoetis of $595 million or $1.26 per share, up from $559 million or $1.17 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $1.32 per share, compared to $1.26 per share in the year-ago quarter.

Revenue for the quarter grew 6 percent to $1.99 billion from $1.87 billion in the same quarter last year.

The Street was looking for earnings of $1.23 per share on revenues of $1.98 billion for the quarter.

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