Covetrus sees ‘moderately improving’ trends after net loss widens in Q1

Covetrus Inc. (Nasdaq: CVET), the Portland-based provider of animal-health technology and services, reported that its net loss widened in the first quarter, although the company CEO spoke of “moderately improving” trends ahead. Covetrus also announced a new CFO and two other new leadership team members.

The company on Thursday said that its net loss in the first quarter was $33 million, or 30 cents per diluted share. That’s up from a net loss of $13 million, or 14 cents per diluted share, a year ago.

Covetrus attributed the trend to general and administrative costs associated with increased selling, including transaction-related and strategic consulting costs, and higher interest expense, which offset the increase in gross profit driven by a stronger net sales performance in the first quarter. Read more

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