PORTLAND, Maine (AP) _ Covetrus Inc. (CVET) on Tuesday reported second-quarter net income of $54 million, after reporting a loss in the same period a year earlier.
The Portland, Maine-based company said it had net income of 40 cents per share. Earnings, adjusted for non-recurring gains, came to 19 cents per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 8 cents per share.
The animal health technology and services company posted revenue of $1.03 billion in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $900.9 million.
Covetrus shares have risen 75% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $23.09, declining slightly in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CVET at https://www.zacks.com/ap/CVET
Automated Insights, source Associated Press News