Covetrus stock gains 22% after Q4 results, new CEO

Covetrus stock gains 22% after Q4 results, new CEO

Shares of Covetrus Inc. are trading higher in Tuesday’s after-hours session, after it released fourth-quarter results that showed the company swinging to a loss but added that Benjamin Wolin has been named its chief executive.

At 4:28 p.m. EST, the company’s shares had gained 23.81% to trade at $13. After-hours volume topped 54,000 shares.

The company’s stock finished the day’s regular-trading session with a 1.83% gain, closing at $11.10.

After the bell, the company reported a fourth-quarter net loss of $37 million, or 33 cents a share, on revenue of $1 billion. The company said, “The primary drivers of the decline in net income were the costs tied to the spinoff and merger.”

In the year-ago period, the company reported net income of $36 million, or 46 cents a share, on revenue of $903 million.

Covetrus said it expected 2020 net sales in a range between $4.025 billion and $4.125 billion.

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