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Thursday, May 14, 2020

Aurora Cannabis (ACB) reported earnings on Thur 14 May 20 (a/h)

  • 5/14:  #1, 29, 75; vol 12.2M
** charts after earnings **

Aurora Cannabis Earnings Miss in Q3, on Track for Positive Earnings by 2021
  • Posts smaller sequential loss as pot use rises amid lockdown
  • The Canadian pot producer sold 12,729 kilograms of cannabis in the third quarter, 39% more than a year earlier. The sales spike comes as cannabis is an essential service in several provinces and states across Canada and the Unites States.
Aurora Cannabis (NYSE:ACB) said it was on track to deliver positive earnings by next year after reporting mixed third-quarter results as earnings fell short, but revenue topped expectations as the marijuana producer ramped up production.

"I am also pleased that our third quarter 2020 financial results were in-line with our expectations and that we remain firmly on track with the cost-savings and capex goals we detailed during our business transformation plan in February 2020," said Michael Singer, executive chairman and interim chief executive of Aurora.

SG&A costs in the third quarter of 2020 were $75.1 million, down $24.7 million from the prior quarter.

Aurora Cannabis reported third-quarter losses of C$1.37 a share, missing estimates for a loss of C$0.77. Revenue of C$75.5 million beat estimates of C$46.99 million.

The beat on the top line was led by strong performance in its consumer cannabis business, with revenue up 24% to $41.5 million year on year.

Production volume rose 18% to 36,207 kilograms in the quarter.

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