Covetrus (CVET) Reports Q3 Revenue Beat

Covetrus (NASDAQ: CVET) reported Q3 EPS of ($8.09), versus $0.22 reported last year. Revenue for the quarter came in at $1.02 billion versus the consensus estimate of $963.77 million.

• GAAP net sales of $1.0 billion, an increase of 10% year-over-year; non-GAAP pro forma organic net sales increased 5% year-over-year
• Net loss of $906 million, including a non-cash goodwill impairment charge of $939 million; non-GAAP adjusted net income of $19 million, a decline of 10% year-over-year on a pro forma basis
• Non-GAAP adjusted EBITDA of $49 million, a decline of 4% year-over-year on a pro forma basis
• Non-GAAP 2019 pro forma adjusted EBITDA expected to be in a range of $190 million to $196 million

"Our team is unified in our belief in the Covetrus business model and the power of our integrated platform to drive measurable value for our customers, shareholders, employees and partners," said Benjamin Wolin, Covetrus acting president and CEO. "We have the assets, we have the relationships, we have the technology tools our customers need, and we are in a growing market. With a relentless focus on execution and the core drivers of our business, we will continue to innovate and grow."

2019 Guidance

Covetrus’ fiscal year 2019 financial guidance range is as follows:

• Pro forma organic net sales growth, a non-GAAP financial metric, expected to be low single-digits and is unchanged from the company's prior outlook; and
• Pro forma adjusted EBITDA, a non-GAAP financial metric, expected to be in a range of $190 to $196 million versus the company's prior outlook of at least $200 million.

“While our third quarter results demonstrated more stability in our business, they failed to live up to expectations and so we are taking action across our organization to drive greater focus and accountability," said Christine T. Komola, executive vice president and chief financial officer. "I anticipate the actions our team has taken, along with the renewed prioritization on core business activities, will help us in delivering on our short and long-term financial commitments.”

For earnings history and earnings-related data on Covetrus (CVET) click here.

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