Pop bottler Cott Corp. reported higher profit for the latest quarter as the company benefited from an acquisition to sharply boost its revenues.
Cott said Wednesday its profit jumped to $27-million or 28 cents a share for the second quarter ended June 30.
That was up from $22-million or 28 cents the previous year.
The company, which reports in U.S. dollars said revenue increased 51 per cent to $640-million from $425-million as Cott benefited from the 2010 acquisition of Cliffstar Corp., a U.S. privately owned juice producer.
Cott paid $500-million for the deal, announced last summer.
The company said the Cliffstar business, which was acquired in the third quarter of 2010, contributed $162-million of the increase in revenue.
The company noted that filled beverage case volume increased 27 per cent, driven by higher volumes in North America, Mexico and the United Kingdom.
The latest quarter also saw a tax gain, Cott said.
“Our second quarter results included volume and revenue growth both globally and in North America, Mexico and the U.K.,” Jerry Fowden, Cott’s chief executive officer, said in a release before stock markets opened Wednesday.
“During the quarter, we also realized additional tax benefits which we expect to be ongoing and which positively impacted our financial results,” he said. “Despite continued commodity and fuel cost headwinds, we remain focused on delivering another year of significant cash generation.”
Cott is the world’s largest retailer brand beverage company, with about 4,000 employees and soft drink, juice, water and other beverage bottling plants in the United States, Canada, the United Kingdom and Mexico.Report Typo/Error
Follow us on Twitter: