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12.11.2019 18:42:00

Why Shares of Covetrus Jumped Today

Shares of Covetrus (NASDAQ: CVET) rose on Tuesday after the provider of animal health technology, services, and software reported third-quarter results. While the company posted a large loss due to a noncash charge, revenue came in ahead of analyst expectations. The stock was up about 19.5% at 12:10 p.m. EST today.Third-quarter revenue was $1.02 billion, up 10% year over year and about $56 million higher than the average analyst estimate. Sales rose 4% on an adjusted basis, which accounts for revenue from Vets First Choice in the prior-year period. Covetrus was formed in early 2019 when the animal health business of Henry Schein was combined with Vets First Choice.Image source: Getty Images.Continue reading
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