Market Pulse Archives

Oct. 15, 2020, 8:21 a.m. EDT

Aphria's stock tumbles after revenue rises less than expected, as excise taxes took a bigger bite

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Aphria Inc. (APHA)
  • X
    Cannabis ETF (THCX)
  • X
    S&P 500 Index (SPX)

or Cancel Already have a watchlist? Log In

By Tomi Kilgore

The U.S.-listed shares of Aprhia Inc. /zigman2/quotes/207425803/composite APHA +6.60% tumbled 8.2% in premarket trading Thursday, after the Canada-based cannabis company reported a narrower-than-expected fiscal first-quarter loss but revenue that rose less than forecast despite. The company swung to a net loss for the quarter to Aug. 31 of C$2.62 million ($1.98 million), or 2 cents a share, from net income of C$14.8 million, or 7 cents a share, in the year-ago period. The FactSet consensus was for a net loss of 3 cents a share. Revenue grew 15.5% to C$145.7 million ($110.2 million), but missed the FactSet consensus of C$159.6 million. Cannabis revenue more than doubled (up 134.4%) to C$82.2 million, but distribution revenue fell 13.8% to $82.2 million and excise taxes more than tripled to $19.7 million from $4.3 million. The average retail selling price of medical cannabis rose to C$7.38 ($5.58) per gram from C$6.63 in the previous quarter, while the average selling price of adult-use cannabis fell to C$4.15 per gram from C$5.23. The stock has run up 16.0% over the past three months through Wednesday, while the Cannabis ETF /zigman2/quotes/213173823/composite THCX +6.11% has lost 7.5% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.89% has gained 8.1%.

/zigman2/quotes/207425803/composite
US : U.S.: Nasdaq
$ 6.78
+0.42 +6.60%
Volume: 4.40M
Nov. 24, 2020 10:11a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.83 billion
Rev. per Employee
$147,410
loading...
/zigman2/quotes/213173823/composite
US : U.S.: NYSE Arca
$ 12.15
+0.70 +6.11%
Volume: 55,579
Nov. 24, 2020 10:10a
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,609.44
+31.85 +0.89%
Volume: 637.14M
Nov. 24, 2020 10:11a
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.