(Reuters) – Pet products maker Zoetis Inc cut its annual profit forecast and missed quarterly sales estimates on 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 with its previous forecast of $5.37 to $5.47 per share.
Zoetis also trimmed its annual sales forecast to a range of $8.48 billion to $8.55 billion from $8.50 billion to $8.65 billion earlier.
Analysts expect annual sales of $8.58 billion and adjusted profit 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’ estimate of $2.16 billion.
Peer IDEXX Laboratories on Wednesday cut its annual sales forecast, hurt by weaker vet visit trends and a stronger dollar.
The company deals with vaccines, medicines as well as diagnostic solutions for animals and caters to over 12 countries outside the US.
Sales at its companion animal segment, which is the largest by revenue, came in at $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)
