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Operational Challenges and Forex Headwinds Hurt Zoetis Q3 Peformance, Cuts FY22 Outlook

Published 03/11/2022, 15:54
Updated 03/11/2022, 17:11
© Reuters. Operational Challenges and Forex Headwinds Hurt Zoetis Q3 Peformance, Cuts FY22 Outlook
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  • Zoetis Inc (NYSE: NYSE:ZTS) has reported Q3 FY22 revenue of $2.0 billion, an increase of 1% Y/Y, missing the consensus of $2.09 billion.
  • Adjusted EPS was $1.21, down 3% Y/Y, missing the consensus of $1.25.
  • "We reported 2% operational growth in adjusted net income this quarter. This lower-than-usual growth on the bottom line was due primarily to a more favorable tax rate in the year-ago quarter," said Kristin Peck, CEO.
  • Revenue in the U.S. segment was $1.090 billion, an increase of 2%. Sales of companion animal products increased by 6%.
  • Revenue in the International segment was $889 million, a decrease of 2% on a reported basis and an increase of 8% operationally.
  • The company lowered 2022 guidance to reflect lower-than-expected sales in 2H related to continued supply constraints, veterinary workforce challenges, and recent changes to foreign exchange rates.
  • Guidance: Zoetis expects FY22 sales of $8-$8.075 billion, compared to $8.23 - $8.33 billion expected earlier and the consensus of $8.26 billion.
  • The company forecasts adjusted EPS of $4.83-$4.90, down from the previous guidance of $4.97 - $5.05 and the consensus of $5.00.
  • Price Action: ZTS shares are down 11.6% at $130.38 on the last check Thursday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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