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Zoetis shares slip as guidance misses estimates

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NEW YORK (AP) — Shares of Zoetis declined Tuesday after the animal health company's 2014 guidance fell short of Wall Street expectations.

Zoetis said it expects to earn between $1.48 to $1.54 per share this year, excluding one-time charges and gains, on $4.65 billion to $4.75 billion in revenue. FactSet says analysts are projecting earnings of $1.61 per share and $4.77 billion in revenue.

Zoetis stock lost $1.63, or 5.2 percent, to $29.51 in afternoon trading.

The company reported net income of $105 million, or 21 cents per share, in the fourth quarter of 2013. It lost $10 million, or 2 cents per share, a year ago.

Zoetis said it earned 36 cents per share during the quarter if acquisition costs, accounting adjustments, and other special items are excluded. Analysts surveyed by FactSet expected earnings of 34 cents per share.

Its revenue rose 7 percent to $1.25 billion from $1.18 billion. Analysts expected $1.2 billion in revenue.

For the year, Zoetis said its net income rose 16 percent to $504 million, or $1.01 per share, up from $436 million, or 87 cents per share, a year ago. The Florham Park, N.J., company said it earned $1.42 per share if one-time items are excluded.

Revenue increased 5 percent to $4.56 billion from $4.34 billion a year ago.

Zoetis Inc. shares have fallen about 4.7 percent in 2014.

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