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National & World Ag News Headlines |
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Zoetis Reports Strong Quarterly Earnings
USAgNet - 08/08/2022
Zoetis Inc. reported its financial results for the second quarter of 2022 and updated its guidance for full year 2022 to reflect its positive outlook for the remainder of the year, as well as the negative impact of recent changes to foreign exchange rates.
The company reported revenue of $2.1 billion for the second quarter of 2022, an increase of 5% compared with the second quarter of 2021. Net income for the second quarter of 2022 was $529 million, or $1.12 per diluted share, an increase of 3% and 5%,
respectively, on a reported basis.
On an operational1 basis, revenue for the second quarter of 2022 increased 8%, excluding the impact of foreign currency. Adjusted net income for the second quarter of 2022 increased 9% operationally, excluding the impact of foreign currency.
Adjusted net income2 for the second quarter of 2022 was $567 million, or $1.20 per diluted share, which was flat and an increase of 1%, respectively, on a reported basis. Adjusted net income for the second quarter of 2022 excludes the net impact of $38
million for purchase accounting adjustments, acquisition-related costs and certain significant items.
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