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July 29, 2020, 8:21 a.m. EDT

Aphria's stock falls after swinging to wider-than-expected loss, but revenue rose above forecasts

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By Tomi Kilgore

The U.S.-listed shares of Aphria Inc. /zigman2/quotes/207425803/composite APHA -2.20% dropped 5.3% in premarket trading Wednesday, after the Canada-based cannabis company reported a wider-than-expected fiscal fourth-quarter loss but revenue that topped forecasts. The company swung to a net loss of C$98.8 million ($73.9 million), or 39 Canadian cents a share, from net income of C$15.8 million, or 5 cents a share, in the year-ago period, as a C$64 million impairment was recorded on its international businesses in response to the COVID-19 pandemic and losses from changes in the fair value of long-term investments. The FactSet consensus for net losses per share was 3 Canadian cents a share. Revenue rose 18% to C$152.2 million ($113.9 million), to top the FactSet consensus of C$149.0 million. Kilograms sold fell 10% to 12,557, and cash cost to produce dried cannabis fell to C$0.88 per gram from C$0.93 per gram. The average selling price increased to C$6.63 per gram from $6.41 in the prior quarter. The stock, which closed Tuesday at a 10-month high, has gained 14.9% year to date, while the Cannabis ETF /zigman2/quotes/213173823/composite THCX -6.44% has dropped 15.2% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -2.37% has slipped 0.4%.

/zigman2/quotes/207425803/composite
US : U.S.: Nasdaq
$ 4.44
-0.10 -2.20%
Volume: 5.57M
Sept. 23, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.30 billion
Rev. per Employee
$147,410
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/zigman2/quotes/213173823/composite
US : U.S.: NYSE Arca
$ 8.28
-0.57 -6.44%
Volume: 34,431
Sept. 23, 2020 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,236.92
-78.65 -2.37%
Volume: 2.46B
Sept. 23, 2020 5:08p
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