Cott Corp shares drop as it reports bigger than expected net loss
Posted May 2, 2019 11:19:01 AM.
This article is more than 5 years old.
TORONTO — Cott Corp. shares traded down more than eight per cent after the company swung to a loss in the first quarter.
The beverage company says it had a net loss of US$19.7 million, or 14 cents per share in the quarter ending March 30, compared with a net income of US$362 million or $2.58 per share for the same quarter last year. Analysts had expected a net loss of US$4.9 million or four cents per share, according to Thomson Reuters Eikon.
Cott’s shares were down $1.64, or 8.01 per cent, to $18.84 in mid-morning trading on the Toronto Stock Exchange.
Revenue was US$574.1 million, up somewhat from the US$560.8 million for the same quarter last year, and higher than the US$563.2 million expected.
Cott sold the remaining part of its carbonated soft drink business, including its concentrate facility and RCI International division, to Refresco Group in February for US$50 million. In January 2018, it closed the sale of its traditional Cott beverage manufacturing business to Refresco for US$1.25 billion.
The company is focused on its DS Services beverage distribution business, its S&D Coffee and Tea business that supplies food service and convenience stores, and its Aimia Foods manufacturing business.
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