Nov 2 (Reuters) – Pet products maker Zoetis Inc (ZTS.N) cut its annual profit forecast and missed quarterly sales estimates Thursday as inflation continues to weigh on pet spending.
The company said it now expects adjusted profit for the year at $5.38 per share to $5.43 per share, compared to its previous forecast of $5.37 to $5.47 per share.
Zoetis also cut its annual sales forecast to a range of $8.48 billion to $8.55 billion from $8.50 billion to $8.65 billion previously.
Analysts expect annual sales of $8.58 billion and adjusted earnings of $5.42 per share, according to LSEG data.
For the quarter ended Sept. 30, the company reported total sales of $2.15 billion, missing analysts’ estimates of $2.16 billion.
IDEXX Peer Laboratories (IDXX.O) on Wednesday cut its annual sales forecast, hurt by weaker vet visit trends and a stronger dollar.
The company handles vaccines, medicines and diagnostic solutions for animals and catering in more than 12 countries outside the United States.
Sales in its companion animal segment, which is the largest by revenue, reached $1.4 billion.
On an adjusted basis, it made a profit of $1.36 for the third quarter, in line with analysts’ expectations.
Reporting by Sriparna Roy and Juby Babu in Bengaluru
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