Bulletin
Investor Alert

New York Markets Open in:

Market Pulse Archives

Nov. 12, 2019, 7:48 a.m. EST

Cronos swings to profit as it books one-time gain, sales fall slightly short

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Cronos Group Inc. (CRON)
  • X
    Cronos Group Inc. (CRON)
  • X
    ETFMG Alternative Harvest ETF (MJ)

or Cancel Already have a watchlist? Log In

By Ciara Linnane

Cronos Group Inc. /zigman2/quotes/206842762/composite CRON +1.66% /zigman2/quotes/202715342/delayed CA:CRON -1.92% said Tuesday it had a profit of C$788.4 million ($595.2 million), or 53 cents a share, in the third quarter, after a loss of C$7.2 million, or 4 cents a share, in the year-earlier period. The profit was mostly due to a C$835 million gain on the revaluation of derivative liabilities. Revenue came to C$12.7 million, up from $3.8 million a year ago. The FactSet consensus was for a loss of 3 cents and revenue of C$13.7 million. The company sold 3.142 kilograms of cannabis in the Canadian adult-use market in the quarter, up from 514 kg sold in the year-earlier period. Revenue per gram sold fell to C$3.75 from C$6.44. Shares rose 2% in premarket trade, but are down 22% in 2019, while the ETFMG Alternative Harvest ETF /zigman2/quotes/204332491/composite MJ +0.85% has fallen 23% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.50% has gained 23%.

Read the full story:
Cronos kicks off cannabis earnings with revenue miss but stock gains

/zigman2/quotes/206842762/composite
US : U.S.: Nasdaq
$ 6.11
+0.10 +1.66%
Volume: 2.13M
July 1, 2020 4:00p
P/E Ratio
6.56
Dividend Yield
N/A
Market Cap
$2.09 billion
Rev. per Employee
$55,248
loading...
/zigman2/quotes/202715342/delayed
CA : Canada: Toronto
$ 8.18
-0.16 -1.92%
Volume: 646,708
June 30, 2020 4:28p
P/E Ratio
6.61
Dividend Yield
N/A
Market Cap
$2.85 billion
Rev. per Employee
$70,780
loading...
/zigman2/quotes/204332491/composite
US : U.S.: NYSE Arca
$ 12.98
+0.11 +0.85%
Volume: 418,344
July 1, 2020 4:00p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,115.86
+15.57 +0.50%
Volume: 2.70B
July 1, 2020 5:11p
loading...

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

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.