Zoetis net income up 20 percent in fourth quarter

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  Zoetis

  Zoetis has reported an increase in net income for the fourth quarter of fiscal year 2014 and for the full year.

  From WATTAgNet:
  Zoetis reported its net income for the fourth quarter of 2014 was $126 million, an increase of 20 percent when compared to the fourth quarter of 2013. Adjusted net income for the fourth quarter of 2014 was $203 million.
  On an operational basis, Zoetis’ adjusted net income for the fourth quarter of 2014 increased 12 percent, with foreign currency having a positive impact of 1 percentage point. In the fourth quarter, the company benefited from a lower than expected tax rate primarily due to the resolution of prior tax matters and the extension of the research and development tax credit; operational, adjusted pre-tax earnings for the fourth quarter declined 1 percent.
  For full year 2014, the company reported a net income $583 million, an increase of 16 percent when compared to the full year 2013. Adjusted net income for the full year 2014 was $790 million, an increase of 11 percent when compared to the adjusted full year 2013. Adjusted net income for the full year 2014 excludes the net impact of $207 million for purchase accounting adjustments, acquisition-related costs and certain significant items.
  On an operational basis, Zoetis’ adjusted net income for the full year 2014 increased 13 percent, with foreign currency having a negative impact of 2 percentage points.
  “We completed a very successful year in 2014 as we continue to create value for shareholders, delivering operational growth of 7 percent in revenue and 13 percent in adjusted net income for the full year,” said Zoetis CEO Juan Ramón Alaix. “We generated growth across all four of our regional segments for the year based on our market-leading franchises and the continued adoption of our newer products. Our 9 percent operational growth in our livestock products for the year demonstrated very favorable market conditions for meat and dairy producers, and the value our premium medicines and vaccines bring to protecting animals and improving productivity.”