On Wednesday, Covetrus Inc (NADAQ: CVET) has shown decreased move of -1.98% and ended the last trade at $10.88. The shares recorded a trading volume 1.8M shares as compared to its average volume of 1.79M shares. (CVET) 111.29M shares outstanding and market value of $1.21B.
Covetrus, Inc.’s (CVET) stock price showed weak performance of -1.98% in last seven days, switched down -18.07% in last thirty days and it rose # ref in last one year. It has 111.29 million of outstanding shares and its shares float measured at 110.68.
Covetrus Inc (NADAQ: CVET), recently reported financial results for the second quarter of 2019, which ended June 30, 2019.
Net sales for the second quarter of 2019 were $1,009M, relatively flat contrast to the second quarter of 2018.
Net loss in the second quarter of 2019 was $10M, or ($0.09) per diluted share, which contrast to net income of $29M, or $0.40 per diluted share, in the second quarter of 2018. Loss before taxes for the second quarter of 2019 was $5M versus income before taxes of $38M in the previous period.
Non-GAAP adjusted EBITDA was $53M for the second quarter of 2019 versus $62M in the previous year quarter on a pro forma basis. Slower market growth, increased infrastructure investments, including $2M in recurring expenses that were before not included in our adjusted EBITDA outlook, a $2M foreign exchange headwind and the planned step up in research and development expense negatively influenced year-over-year results and offset the initial benefit from our value capture activities during the second quarter of 2019.
Non-GAAP adjusted net income was $14M, contrast to $20M in the previous year period on a pro forma basis, which includes Vets First Choice in both periods and normalizes for certain items as seen in the non-GAAP reconciliation, influenced by the same items.
For the three months ended June 30, 2019, North America section net sales increased 6% from the previous year period to $552M, Because of the addition of, and strong growth from, Vets First Choice in 2019.
Europe section net sales of $370M reduced by 5% contrast to net sales from the same period of the previous year.
APAC & Emerging Markets section net sales of $90M reduced by 8% contrast to net sales from the same period of the previous year.
Covetrus generated $3M of net cash from operating activities during the six months ended June 30, 2019. Free cash flow, a non-GAAP financial measure that is defined as cash flow from operating activities less purchases of fixed assets, was negative $18M during the six months ended June 30, 2019 as contrast to $35M in the previous year period.
At quarter end, the Company had $55M in cash and cash equivalents, no outstanding borrowings on our $300M revolving credit facility and $1.2B in total debt.
