Common-Size Income Statement
Quarterly Data
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Zoetis Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Cost of Sales
- The cost of sales as a percentage of revenue exhibited variability but generally remained within a range of approximately -32% to -27% over the observed quarters. Notably, it recorded its lowest point around -27.84% in June 2023, indicating relatively better cost management during that period. However, some spikes were observed, reaching above -32% in multiple quarters such as December 2019 and December 2023, suggesting occasional increases in production or procurement costs.
- Gross Profit
- Gross profit consistently remained strong, fluctuating between roughly 64% and 72% of revenue. Peaks were noted in mid-2023, with the highest gross profit margin observed at 72.16% in June 2023. This suggests effective control over cost of sales alongside stable revenue, contributing positively to overall profitability. Slight declines appeared towards year-end periods, possibly reflecting seasonal cost variations.
- Selling, General, and Administrative Expenses (SG&A)
- SG&A expenses as a percentage of revenue showed relative consistency, generally ranging from about -31% to -21%, with some quarters reflecting a marked decrease, such as the first quarter of 2021 at -21.86%. Despite some fluctuations, the overall trend points to stable operating expense management with a mildly declining tendency in recent quarters, supporting the maintenance of operating margins.
- Research and Development Expenses (R&D)
- Research and development expenses exhibited a modest decline over time, from around -7% to just above -6%, with occasional small upticks. The lowest R&D ratio appeared in March 2021 at -6.14%, indicating operational focus on innovation expenditure control. Subsequent quarters generally hovered between -6.7% and -7.4%, reflecting a steady investment in R&D relative to revenue.
- Amortization of Intangible Assets
- This expense showed a gradual decline, decreasing from about -2.6% in early 2019 to approximately -1.7% by the end of 2023 and into 2024. The consistent reduction suggests amortization obligations are diminishing, which could be due to the aging and payoff of prior acquisitions or intangible asset bases.
- Restructuring Charges and Acquisition-related Costs
- These costs remained relatively minor, typically under -1% of revenue, with occasional spikes such as -1.42% in June 2019 and -1.05% in March 2023. Their sporadic nature suggests episodic restructuring or acquisition activities rather than consistent operational expenses.
- Operating Income
- Operating income margins fluctuated between about 28% and 40%, with strong performance especially visible in fiscal quarters of 2021 and 2022 where margins often exceeded 35%. The lowest operating margin occurred at 28.22% in December 2020, indicating some pressure on operational efficiency. Overall, margins demonstrate solid profitability with some sensitivity to fluctuations in costs and expenses.
- Interest Expense
- Interest expenses showed a declining trend relative to revenue, reducing from around -3.85% in the first quarter of 2019 to near -2.65% by early 2024. This trend likely reflects lower debt levels or more favorable borrowing conditions, providing relief to net income.
- Other Income (Deductions)
- Other income and deductions exhibited significant volatility throughout the periods analyzed, ranging widely from negative values, such as -1.77% in December 2020, to high positive outliers like 4.77% in June 2023. This variability introduces some noise into pre-tax income but may reflect non-recurring gains or losses related to investments or one-time events.
- Income Before Taxes
- Income before taxes generally paralleled operating income trends, with margins mostly between 23% and 40%, reflecting the combined effect of operational performance and net interest/other income impacts. Peaks in income before tax occur in mid-2023, consistent with strong operational leverage.
- Provision for Taxes
- The tax provision percentage oscillated mainly between -3% and -9%, with some quarters showing notable tax efficiency improvements (tax provision under -4%) and others reflecting heavier tax burdens. The increase in the tax rate in mid-2023 (approaching -9.27%) may indicate changes in tax regulations or geographic income mix.
- Net Income Attributable to the Company
- Net income margins ranged from roughly 19.87% to close to 31%, revealing strong profitability overall. The highest net income margin appeared in June 2023 at 30.78%, corresponding with favorable operating results and reduced expenses. Fluctuations in net income closely track operating income and tax provision dynamics, illustrating effective cost management and tax strategies supporting bottom-line stability.