4 hours ago
Written by David George Koch
Aurora Cannabis Inc reported mixed results for the first quarter of the fiscal year on Monday as cannabis sales exceeded analysts’ expectations, while restructuring payments led to a huge loss.
Aurora said it made $ 67 8 million in the first quarter, slightly ahead of the $ 67 million achieved in the previous quarter, but down 42 percent from a year ago.
The company said its recreational cannabis sales fell about 3 percent in the first quarter to $ 34 3 million, while medical marijuana revenues improved four percent to $ 33 4 million.
The Edmonton-based company also reported Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of $ 57 9 million in the quarter that includes $ 47 4 million in legal settlement and contract termination costs, many of which are related to termination of its contract with the UFC
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Analysts surveyed by Bloomberg predicted the Aurora Opinion would be $ 63 $ 8 million and $ 8 million EBITDA loss
“We continue to take the necessary steps to implement our plan and transform our business to achieve sustainable profitability and ultimately positive cash flow,” Aurora CEO Miguel Martin said in a statement.
« Although we are dissatisfied with our past performance in the growing Canadian consumer business, we feel the urgency to implement our tactical plan to increase our profitable market share »
Aurora said it cut its general and administrative costs by about $ 20 million to $ 46 million in the quarter, while spending less on capital expenditures after reducing the global agricultural footprint in previous quarters.
The company said it is still on track to achieve positive EBITDA in the next fiscal quarter.
Aurora Cannabis, Stock
World News – CA – Aurora Cannabis Q1 sales outpace estimates, but payments restructuring leads to big loss – Article – BNN
