Zoetis profit beats Street on strong pet product sales
(Reuters) - Zoetis Inc (ZTS.N), formerly the animal health subsidiary of U.S. pharmaceuticals giant Pfizer Inc (PFE.N), posted a better-than-expected quarterly profit, driven by strong growth in sales of pet products in the United States.
Net income for the first quarter rose 26 percent to $140 million, or 28 cents per share, from $111 million, or 22 cents per share, a year earlier.
Excluding items, it earned 36 cents a share. Analysts expected 33 cents a share, according to Thomson Reuters I/B/E/S.
The results were the first for Zoetis since it went public in February.
The company, which sells drugs for livestock and pets, raised $2.2 billion in the largest IPO by a U.S. company since Facebook Inc (FB.O).
(Reporting by Esha Dey in Bangalore; Editing by Saumyadeb Chakrabarty)
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