Aphria Inc. Is First Canadian Cannabis Manufacturer to Turn a Profit


Aphria Inc. Is First Canadian Cannabis Manufacturer to Turn a Profit

Aphria Inc. Is First Canadian Cannabis Manufacturer to Turn a Profit
Aphria Inc. Is First Canadian Cannabis Manufacturer to Turn a Profit

Aphria Inc. became the first major Canadian cannabis manufacturer to report a net profit Thursday, sending its shares up 32% in post-market trading.

The Leamington, Ontario-based pot producer said it earned C$15.8 million ($12 million) in the quarter ended May 31 on revenue of C$129 million. The revenue figure beat the highest analyst estimate, and was up 75% from the prior quarter.
The results are a remarkable shift from last quarter, when Aphria reported a significant drop in gross margin, revenue that missed expectations and a C$50 million writedown on its Latin American assets.
Key Insights
Revenue from recreational cannabis sales was C$18.5 million, up 158% from the prior quarter, on 5,574 kilograms of cannabis soldIt also cost Aphria less to produce pot, with cash cost per gram of dried cannabis falling to C$1.35 from C$1.48Aphria said it expects to generate net revenue of C$650 million to C$700 million in fiscal 2020, which ends May 31, and adjusted earnings before interest, taxes, depreciation and amortization of C$88 million to C$95 million. Analysts expected revenue of C$701 million and Ebitda of C$46 million
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