Email
Password
Remember meForgot password?
    Log in with Twitter

article imageAurora Cannabis shares jump after posting first-quarter results

By Karen Graham     Nov 12, 2018 in Business
Aurora Cannabis Inc. shares jumped nearly 5 percent in pre-market trading after announced today its financial and operational results for the first quarter ended September 30.
Aurora generated $29.7 million revenue, up 260 percent year-over-year in its first-quarter report, with earnings of $104.2 million, up 2,826 percent versus a year ago.
"The commencement of adult consumer use sales in Canada has been very successful for Aurora, with strong performance across all product categories and brands," CEO Terry Booth said in a press release.
Even though the quarter ended before Canada legalized marijuana for recreational use on October 17, the revenue figure included $600,000 in sales to the provinces. The remainder was from medical sales.
Aurora’s products and brands ranked among the top-sellers in many of the provinces it supplied in the first two weeks of Canada's legalization, according to the company, reports Bloomberg. "Given the strong unmet consumer demand evident across Canada, we are confident that our rapidly increasing production capacity will result in a continued acceleration of revenue growth."
In Ontario, Canada's most populous province, Aurora brands accounted for 30 percent of the total market supplied by the province's government-run Ontario Cannabis Store, while in British Columbia, Aurora had the top four best-selling dried flower products.
Aurora is currently producing an annual run-rate of 70,000 kilograms (154,324 pounds). At the end of the calendar year 2018, the company anticipates a production run rate in excess of 150,000 kg per year.
Aurora has established a uniquely advanced, consistent and efficient production strategy, based on purpose-built facilities that integrate leading-edge technologies across all processes, defined by extensive automation and customization, resulting in the massive scale production of high-quality product at low cost.
'Edmonton-based Aurora rose to $7.48 in pre-market trading in New York. At 10:20 a.m. ET, Aurora shares are down to $7.02 a share.
More about aurora cannabis, firstquarter, shares jump, $297 million, Canada