Boston, MA 05/07/2014 (wallstreetpr) – Largest global animal health company, Zoetis Inc (NYSE:ZTS), has reported it Q1 2014 financial results. The company has made a 1% increase in revenue compared to Q1 2013 and has reached a figure of $1.1 billion. The revenue saw the negative effect of foreign currency by 3%, in operational increase it stood at 4%.
Zoetis, with a diverse portfolio of animal health medicines and vaccines, develops and manufactures its products to meet the needs of veterinarians and live stock farmers. Zoetis Inc (NYSE:ZTS) in its Q1 2014 has posted a net income of $155 million, or $0.31 per diluted share. This is an increase of 11% compared to last year same quarter results.
Zoetis delivers a wide range of tailored products in four regional operating segments including the United States, Europe/Africa/Middle East, Canada/Latin America and Asia Pacific. Performance in the U.S. was positive with 6% increase in revenue compared to Q1 2013. Company posted earnings of $479 million. The growth in sales of companion animal products was harmed by extreme winter weather because of which less number of pet owners visited stores clinics.
Glenn David named acting CFO
Revenue in EuAfME show a 4% decrease because of regulatory issues in the U.K. In CLAR, Zoetis saw an increase of 10% in revenue compared to last year and it reached $168 million. Revenue in APAC stood at $169 million which is 4% increase.
The company has been focusing on expanding its product range across new species by developing and innovating new solutions, and entering new geographies for its operations. Recently, company had announced replacement of Richard Passov, Executive Vice President and Chief Financial Officer of Zoetis Inc (NYSE:ZTS). For now, Glenn David, Senior Vice President of Finance Operations has been named acting Chief Financial Officer. Glenn was more than 20 years of experience in finance and operations, working in companies like Pfizer, Bankers Trust, Paine Webber and Credit Suisse.
