TORONTO — Net income at Cott Corp. fell 11% in the third quarter as higher costs, smaller volumes and a product mix shift into juice and sports beverages pressured earnings during the period.
For the quarter ended Sept. 29, the company had income of $14.5 million, equal to 15c per share on the common stock, down from $16.2 million, or 17c per share, during the same quarter of the previous year. Revenue for the quarter was $583.8 million, down 4% from $611.3 million during the same quarter of the previous year.
“The third quarter saw an increase in adjusted EBITDA and higher gross margin of 140 basis points,” said Jerry Fowden, chief executive officer. “I’m pleased with our gross margin restoration strategy’s progress and our consistent cash generation, which coupled with our view of the future, allows me to take pleasure in announcing a dividend to be paid later in 2012.”
Net income in the nine months ended Sept. 29 fell 8% to $45.5 million, or 48c per share, which compared with $49.5 million, or 53c per share, during the same period of the previous year. Revenue for the period was $1,733.4 million, down 2% from $1,785.4 million during the same period of the previous year.