Aphria plummets on bigger-than-expected loss and revenue miss
The international producer and distributor of medicinal and
recreational cannabis, Aphria, revealed its quarterly figures.
Aphria
reported a Q3 loss per share of 15 cents, more significant than what the market
was expecting – 5 cents per share. During the same time last year, it had an
EPS of 2 cents. Not only the earnings per share came below expectations, but
also the net cannabis revenue. The consensus was C$161.5 million, but the
figures came in at C$153.6 million. Year-over-year, the revenue fell almost 8%.
On the other hand, the gross revenue for adult-use cannabis surged 30% to C$60
million.
The company ended the quarter with C$267.1 million in cash
and cash equivalents after closing a C$120 million financing agreement with
BMO.
Following the news, Aphria stock price lost more than 13%.
Sources: thestreet.com, finance.yahoo.com
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