Cott income up sharply in quarter
Nov. 2, 2011
TAMPA, FLA. — Due in part to the acquisition of Cliffstar, income at Cott Corp. jumped 179% during the third quarter.
For the quarter ended Oct. 1, the company had income of $16.2 million, equal to 17c per share on the common stock, which compared with income of $5.8 million, or 7c per share, during the same quarter of the previous year. Net revenue was $611.3 million, up 26% from $486.9 million.
“During the third quarter, we experienced a solid increase in volume and revenue, both of which exceeded our expectations,” said Jerry Fowden, chief executive officer. “However, margins were lower than we would have wished due to higher-than-anticipated commodity costs and our product mix during the quarter. As we look to 2012, we are focusing on improving our margins as we endeavor to adjust the balance across volume, revenue growth and per case margins.”
For the nine months ended Oct. 1, the company had income of $49.5 million, or 53c per share, up 25% from $39.6 million, or 48c per share, during the same period of the previous year. Revenue for the nine months was $1,785.4 million, up 40% from $1,274.5 million.