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Aurora Cannabis Shares Rise After A Dire Earnings Report And $1 Billion Loss

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Aurora Cannabis shares rise after a dire earnings report and $1 billion loss

By and Max A. Cherney

Published: Feb 13, 2020 12:53 p.m. ET

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Aurora says it expects fiscal third-quarter revenue to be roughly flat and ‘up to 20% of sales’ may be second-generation products

Bloomberg News/Landov

Aurora said Thursday that it had experienced some “fairly typical” issues ramping up its second generation product line. By

CiaraLinnane

Corporate news editor

Reporter

Aurora Cannabis Inc. shares rose 2% after the company posted a $981 million loss and batch of earnings that were mostly expected, after the weed producer last week unveiled a major overhaul of operations.

The Edmonton, Alberta-based company  said it had a net loss of C$1.3 billion ($981 million), or C$1.18 a share, in the fiscal second quarter that ended Dec. 31, after a loss of C$182 million, or roughly breakeven on a per-share basis, in the year-earlier period. Revenue net of excise taxes came to C$56 million, up from C$54.2 million a year ago.

The FactSet consensus was for revenue of C$60.5 million and a loss of just 8 cents a share.

Framing the company’s difficulties and substantial changes to operations around an industry challenged by Canada's lack of retail locations, shifting consumer demands and the unpredictable bulk buying by provinces, interim Chief Executive Michael Singer asked investors to be patient as Aurora evolves along with the market for weed across the country.

Source: https://www.marketwatch.com/story/aurora-cannabis-shares-rise-after-an-earnings-report-that-was-mostly-expected-2020-02-13?mod=cannabis-watch

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