Cott Corp. slips on lowered 2008 operating profit outlook
Shares of Cott Corp. (NYSE:COT) are losing ground after the producer and distributor of retailer branded soft drinks said this morning that it is lowering its full-year 2008 operating profit outlook, as the company suffers from a higher-than-anticipated decline in volume. Cott reduced its operating profit target of between 28% below and 5% above its 2007 adjusted operating profit of $36.3 million. The company also withdrew its previously adjusted operating profit target for 2009.
Shares lost 16%, or $0.39, to $2.08 ahead of the opening bell. For detailed price information and news stories on Cott Corp., click COT.
