Last week Zoetis release the results of their first quarter. Here are the highlights:
- First Quarter 2015 Revenue of $1.1 Billion Was Flat Compared to First Quarter 2014; an Increase of 6% Excluding Foreign Exchange
- First Quarter 2015 Reported Net Income of $165 Million, or $0.33 per Diluted Share, Increased 6%
- First Quarter 2015 Adjusted Net Income of $207 Million, or Adjusted Diluted EPS of $0.41, Increased 8%; an Increase of 14% Excluding Foreign Exchange
- Announces Comprehensive Initiative to Simplify Operations, Improve Cost Structure, and Better Allocate Resources to Generate Cost Savings of Approximately $300 Million by 2017
- Updates Full Year 2015 Revenue Guidance to $4.675 - $4.775 Billion and Reaffirms Full Year 2015 Adjusted Diluted EPS Guidance of $1.61 - $1.68
Zoetis has created an Operational Efficiency Initiative that will reduce company complexity and optimize resource allocation and efficiency. The initiative is expected to decrease company costs by $300 million and increase the company’s 2017 operating profit by $200 million.
