Zoetis (NYSE: ZTS) reported Q1 EPS of $0.38, $0.01 better than the analyst estimate of $0.37. Revenue for the quarter came in at $1.1 billion versus the consensus estimate of $1.13 billion.

EXECUTIVE COMMENTARY

"We began the year with 4% operational growth in revenue, adjusted net income growing faster than sales, and we remain confident in meeting our financial objectives for the year," said Zoetis Chief Executive Officer Juan Ramón Alaix. “Despite some challenges in the first quarter, we grew sales operationally in three of our regional segments and across all our major species. Our performance in the U.S. and across emerging markets helped offset an operational decline in certain developed markets in Europe and Asia-Pacific," said Alaix.

“The depth and diversity of our product portfolio remain core strengths of our business, helping to minimize any challenges that may occur within a single species, geography, product line or therapeutic area,” said Alaix. “With our focus on innovative new medicines and product lifecycle development, we have seen continued adoption of new products and services in a number of new markets.”

“In the first quarter, we continued to demonstrate an ability to grow adjusted earnings faster than sales despite a higher tax rate, cold weather in the U.S. impacting sales, and increased interest expense,” said Glenn David, Senior Vice President of Finance Operations and Acting Chief Financial Officer of Zoetis. “Given our continued confidence in our business model, we are reaffirming our guidance for the full year.”

Zoetis reaffirmed FY2014 guidance.

For earnings history and earnings-related data on Zoetis (ZTS) click here.