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

Related Posts

Bar Harbor approves Jackson Lab’s $33M expansion for rare disease research

The Bar Harbor Planning Board has approved a plan by the Jackson Laboratory to build a 20,000-square-foot expansion to its Rare Disease Translational...

22 August 2024

Bigelow lab receives $7 million for algae research, business development

Researchers at Bigelow Laboratory for Ocean Sciences believe algae can make a big splash in the agricultural, aquaculture and pharmaceutical industries,...

21 August 2024

Should Maine create a public medical school? UMaine System will study the question

The University of Maine System said this week it will work with a national consultant to study the feasibility of launching the state’s...

21 August 2024