Cott Corp. (COT) Misses Q1 EPS by 6c, Miss on Revenues

Cott Corp. (NYSE: COT) reported Q1 EPS of ($0.13), $0.06 worse than the analyst estimate of ($0.07). Revenue for the quarter came in at $896 million versus the consensus estimate of $909.78 million.

FIRST QUARTER 2017 HIGHLIGHTS

• Cott revenue increased 28% to $896 million compared to $698 million.
• Gross profit increased 45% to $311 million compared to $214 million and gross margin as a percentage of revenue increased to 34.6% compared to 30.6%.
• Net cash used in operating activities of $5 million less $41 million of capital expenditures resulted in reported free cash flow usage of ($46) million and adjusted free cash flow usage of ($40) million (adjusted for acquisition, integration, and other cash costs) compared to adjusted free cash flow usage of ($47) million in the prior year representing a $7 million or 15% improvement.
• Issued $750 million of Senior Notes at a rate of 5.5% and an 8 year maturity with the proceeds to be utilized to redeem all $625 million of our 6.75% Senior Notes and $100 million of our 10% Senior Notes.
• Cott continues to target full year 2017 cash flow provided by operations of approximately $330 to $340 million and capital expenditures in the range of $165 to $175 million, resulting in adjusted free cash flow of $155 to $175 million (when excluding acquisition, integration, and other cash costs).
• Cott continues to target full year 2017 revenues of over $3.7 billion.

For earnings history and earnings-related data on Cott Corp. (COT) click here.

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