Shares of Tilray Inc. rose on Thursday despite a wider-than-expected loss from the Canadian cannabis producer, as the company reported a jump in sales despite pressures from the COVID pandemic.
Shares of Tilray
The company said its first-quarter net loss increased to $34.6 million, or 8 cents a share, from a loss of $21.7 million, or 9 cents a share in the year-ago period, while net revenue jumped by 43% to $168 million from $117.5 million.
Tilray was expected to report a loss of 6 cents a share on sales of $172.6 million, according to an analyst survey by FactSet.
Looking ahead, Tilray said it’s on track to achieve at least $80 million of cost savings from its merger deal with Aphria.
Drilling down into the results, Tilray said its net cannabis revenue increased by 38% to $70 million, while its beverage unit rang up revenue of $15 million, thanks to the acquisition of cannabis craft beer brewer SweetWater last year. The company garnered another $15 million in wellness revenue from its Manitoba Harvest brand.
Tilray CEO Irwin D. Simon said the results show that the company is executing on its objectives despite continued impacts from COVID-19 in Canada, as retail cannabis stores only began opening in mid-June.
This artical is first shown on Market Watch Source link Author on date 2021-10-07 18:50:00
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