UPDATE: Zoetis Shares Rise On Upbeat Earnings

Shares of

climbed over 3% in pre-market trading after the company reported stronger-than-expected earnings for its fourth quarter. For 2015, Zoetis now expects revenue of $4.8 billion to $4.9 billion, versus its earlier forecast of $4.85 billion to $4.95 billion. The company projects adjusted earnings of $1.61 to $1.68 per share. The company's revenue in the US surged 14% to $589 million. Excluding foreign-exchange rates, revenue for Europe-Africa-Middle East segment dropped 1%, while Canada-Latin America revenue climbed 16%. Asia-Pacific revenue gained 4% in the quarter. The Florham Park, New Jersey-based company posted a quarterly profit of $126 million, or $0.25 per share, compared to $105 million, or $0.21 per share, in the year-ago period. Excluding items, the company's earnings climbed to $0.40 per share from $0.36 per share. Its revenue rose 5.3% to $1.32 billion. However, analysts were expecting a profit of $0.36 per share on revenue of $1.27 billion. "In 2014, we continued to deliver on our total value proposition for shareholders – growing revenue faster than the market, growing adjusted net income faster than sales, and returning excess capital to our shareholders," said Paul Herendeen, Executive Vice President and Chief Financial Officer of Zoetis. "We continued to see strong underlying growth in our business in the fourth quarter, and we see good sales momentum as we head into 2015, despite ongoing currency headwinds." Zoetis shares gained 3.05% to $45.25 in pre-market trading.