After previous losses, Covetrus reports $54M earnings for Q2

Portland-based Covetrus Inc. (Nasdaq: CVET) appears to be turning around recent financial performance, reporting an uptick in second-quarter revenue and earnings Tuesday.

The animal-health technology and services company, which struggled last year amid leadership changes and recorded a widening net loss earlier this year, recorded net sales of $1.03 billion, an increase of 2% year-over-year for the three months ended June 30.

Covetrus’ net income was $54 million for the quarter, or 40 cents per share, compared to a net loss of $10 million, or 9 cents per share, in the second quarter of 2019. For the first quarter of 2020, the company reported a loss of $33 million. Read more

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