• Nine-month net losses of US$9.5m
  • YTD net sales slip 3.2% to $1.56bn
  • Operating profits slide 34.7% to $48.1m
  • Q3 net profits fall 96.7%, sales down 1.5%
Cott Corp has remained in the red in its year-to-date

Cott Corp has remained in the red in its year-to-date

Cott Corp has seen its net losses widen in its year-to-date, but the company has said its global volumes are continuing to stabilise.  

The private label CSD producer reported today that net losses in the nine months to the end of September came in at US$9.5m, compared to profits of $28.5m in the same period the prior year. 

The Florida and Ontario-headquarterd company's half-year net losses were $7.1m, as the company blamed the on-going decline in the North American CSD market. 

Today it said sales in the year-to-date fell by 3.2% to $1.56bn, while operating profits slid 34.7% to $48.1m. 

Cott's total volumes in the nine months were flat, with its US business seeing a 4% drop. However, UK volumes were up 4.4%. 

Third-quarter volumes were also flat, with sales down 1.5% and net profits falling 96.7% to $0.4m.

“Our global volume continued to stabilise in the quarter due to an 80% growth in North American contract manufacturing volumes, the addition of Aimia Foods volumes, and a slightly less aggressive large format retail National Brand promotional environment,” said CEO Jerry Fowden. 

Looking ahead, he added:  “Our more stable volume, revenue and gross margin, alongside new contract manufacturing wins and our continued diversification, better positions the business for the future.” 

Cott also declared a quarterly dividend today of $0.06 per common share. 

To read the company's full statement, click here