Zoetis Inc. said its fourth-quarter 2017 profit rose 47% year over year and initiated its financial guidance for 2018.

The Parsippany, N.J.-based company booked $341 million, or 69 cents per share, in non-GAAP earnings compared to $232 million, or 47 cents per share, in the prior-year period.

The S&P Capital IQ normalized EPS consensus estimate for the fourth quarter was 66 cents.

The company generated $1.46 billion in quarterly revenues, up from $1.28 billion in the same quarter of 2016.

On a GAAP basis, Zoetis' profit was down to $81 million, or 16 cents per share, from $154 million, or 31 cents per share, in the fourth quarter of 2016.

Full-year results

For full-year 2017, the company's adjusted earnings were up to $1.19 billion, or $2.40 per share, from $975 million, or $1.96 per share, in 2016.

The S&P Capital IQ normalized EPS consensus estimate for the year was $2.37.

The company generated $5.31 billion in sales, an increase from $4.89 billion in 2016.

On a GAAP basis, the company reported a net income of $864 million, or $1.75 per share, compared to $821 million, or $1.65 per share, in 2016.

GAAP results account for a $212 million charge related to the U.S. tax reform.

Moving ahead, the company will target $2.96 to $3.10 in 2018 adjusted EPS and $2.77 to $2.93 in GAAP EPS.

Zoetis expects revenue to be in the range of $5.68 billion to $5.8 billion during 2018.