Tilray stock drops after losses widen

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Tilray Inc. shares fell more than 3% in the extended session Tuesday after the Canada-based marijuana producer reported wider-than-expected second-quarter losses but beat revenue forecasts.


TLRY, +8.38%

  reported a second-quarter net loss $35.1 million, or 36 cents a share, versus losses of $12 million, or 17 cents a share, in the year-ago period. Revenue including excise taxes rose to $45.9 million from $9.7 million in the year-ago period.

Removing excise taxes of $3.9 million, Tilray reported revenue of $42 million.

Analysts surveyed by FactSet had estimated losses of 28 cents a share on net revenue of $40.3 million.

“We are pleased with our second-quarter results and strong business momentum,” Brendan Kennedy, Tilray’s president and chief executive, said in a statement. “Our team has executed against our plan, with adult-use revenue nearly doubling in the second quarter compared to the first quarter and gross margin increasing sequentially for the second quarter in a row. As we continue to grow, we remain focused on our long-term strategic objectives and deploying capital to maximize stockholder value.”

For the third quarter, analysts estimate losses of 26 cents a share on sales of $50.8 million.

Tilray stock has fallen 35% this year, with the S&P 500 index

SPX, +1.48%

 rising 15%.

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