US/CANADA: Cott Corp swings to full-year profits
Soft drinks firm Cott Corporation swung to full-year profits in 2009 and has said it expects to win more new business in 2010.
Profits for the 12 months to 2 January amounted to US$81.5m, from a loss of $122.8m in 2008, Cott said today (24 February).
Sales for the period declined 3.1%, but increased 2.4% excluding the impact of foreign exchange.
Lower volumes in North America, Mexico and Royal Crown International offset gains from higher volumes in the UK/Europe operating segment and improved pricing and product mix, the firm said.
Operating income swung to profits of $97.4m, compared to an operating loss of $113m in the prior year.
"As we begin 2010, we are focusing on the operational objectives that worked so well for us in 2009 and on pursuing our goals for smart new business wins," said CEO Jerry Fowden.
North America filled beverage case volume for the year declined 1.2% to 574.2m cases. Revenue decreased 0.3% for the region, but increased 0.9% excluding the impact of foreign exchange.
UK filled beverage case volume increased 2% to 174.6m cases, driven by volume growth in segments such as energy drinks and sport drinks. Revenue decreased 6.7%, but increased 11.2% excluding the impact of foreign exchange.
In the fourth quarter, revenue increased 3.9%, while operating income reached $13.9m, compared to an operating loss of $15.6m in the prior year.
Click here for the full release.
Cott Corporation has said it sees momentum building in its energy drink category as it looks to launch new flavours and recipes by the end of the year....
- Analysis - SABMiller to add bolt-ons in Africa?
- A-B InBev's Move on Tennent's Super Makes Sense
- Brand Diversification Driving Craft Brewery Growth
- Analysis - Stock Spirits: Poland's number one
- What's on the M&A cards for San Miguel Brewery?
- Pernod Ricard's Café de Paris Pear, Pomegranate
- Diageo scraps Arthur's Day, but singer left sad
- PepsiCo CEO sees "profound" change in US consumers
- William Grant sinks GBP185,000 into "No" camp
- William Grant & Sons boosts Travel Retail team