Zoetis Inc. raised its full-year earnings guidance after reporting $261 million, or 53 cents a share, in second-quarter non-GAAP adjusted net income.
The result compares to second-quarter 2016 adjusted net income of $246 million, or 49 cents a share, and the S&P Capital IQ normalized EPS consensus estimate of 53 cents.
Meanwhile, the company booked second-quarter revenues of $1.27 billion, up 5% year over year. This was driven by a 9% year-over-year growth in Zoetis' companion animal product sales to $568 million.
On a GAAP basis, the company recorded second-quarter profit of $247 million, or 50 cents per share, an increase from $224 million, or 45 cents per share, in the same quarter of 2016.
New Jersey-based Zoetis will now target full-year adjusted EPS of between $2.30 and $2.37 which compares to the previous target of $2.26 to $2.36.
The S&P Capital IQ normalized EPS consensus estimate for 2017 is $2.33.
Zoetis' full-year GAAP EPS guidance was changed to $2.12 to $2.21 from $2.08 to $2.20 previously.