Cott income climbs 19% in second quarter
August 3, 2011
TAMPA, FLA. — Increased revenue coupled with the acquisition of the Cliffstar business contributed to a 19% increase in income for Cott Corp. during the second quarter.
For the quarter ended July 2, the company had income of $26.5 million, equal to 28c per share on the common stock, which compared with income of $22.3 million, or 28c per share, during the same quarter of the previous year. Net revenue for the quarter was $640 million, up 51% from $424.7 million during the same quarter of the previous year.
“Our second-quarter results included volume and revenue growth both globally and in North America, Mexico and the U.K.,” said Jerry Fowden, chief executive officer. “During the quarter, we also realized additional tax benefits which we expect to be ongoing and which positively impacted our financial results in the quarter. Despite continued commodity and fuel cost headwinds we remain focused on delivering another year of significant cash generation.”
For the six months ended July 2, the company had income of $33.3 million, or 35c per share, down 2% from $33.8 million, or 42c per share, during the same period of the previous year. During the six months the company had net revenue of $1,174.1 million, up 49% from $787.6 million during the same period of the previous year.