Aurora Cannabis Is Selling Tons of Marijuana, but Could Still Have a Rough Path to Profitability

受渠道分销影响,奥罗拉业绩增速放缓,第四季度欲生产25吨大麻

2019-05-17 08:50:19 Barrons.com

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Aurora Cannabis thinks it is on the path to profitability, but an analyst at BMO Capital Markets isn’t so sure. The back story. Government data have shown that recreation sales in Canada haven’t been ramping up as fast as investors had hoped. Aurora Cannabis (ticker: ACB) reported fiscal third-quarter earnings Tuesday night, showing net revenue up 20% from the previous quarter. The company said it sold 9 metric tons of marijuana. but its revenue and adjusted loss were short of Wall Street’s consensus estimates. In an earnings call Wednesday morning, Aurora management had reiterated a fiscal fourth-quarter forecast that called for positive earnings before interest, taxes, depreciation, and amortization, or Ebitda. What's new. BMO Capital Markets analyst Tamy Chen is still cautious about the company’s path to profitability. She wrote in a note to clients Thursday that the latest quarter’s results were in line with her expectations, but noted that the Canadian market “remains undersupplied” because of industry-wide challenges. “The potential for material growth in industry recreational sales beyond existing distribution channels remains unclear over the near term given the limited roll-out of retail stores,” she wrote. Looking Ahead. Chen noted that Aurora expects to produce 25 metric tons of marijuana in the fourth quarter, but a sizable portion of that will be stockpiled for “value-added products.” She expects total volume sold of 17 metric tons, which would be an 80% increase from the third quarter. Chen has a Market Weight rating on the stock. Aurora shares were up 0.9% to $8.76 late Thursday morning. The S&P 500 index was up 1.3%.
奥罗拉(Aurora) Cannabis 认为这是在通往盈利的道路上,但 BMO 资本市场的分析师并不是那么确定。 后面的故事。政府数据显示,加拿大的娱乐销售没有像投资者希望的那样快速增长。 周二晚间,奥罗拉(Aurora) Cannabis (股票代码: ACB )公布了第三财季业绩,净利润较上一季度增长20%。该公司表示,它出售了9吨大麻。但其收入和经调整后的亏损均低于华尔街的普遍预期。 在周三上午的收益电话会议上,奥罗拉(Aurora)管理层重申了第四财季的财务预测,即息税折旧摊销前利润( Ebitda )。 什么是新的。BMO 资本市场( BMO Capital Markets )分析师陈添敏( Tami Chen )仍对该公司的盈利路径持谨慎态度。她在周四发给客户的一份报告中写道,最近一个季度的业绩符合她的预期,但她指出,由于整个行业面临的挑战,加拿大市场“仍然供不应求”。 她写道:“鉴于零售商店的推出有限,近期行业休闲销售在现有分销渠道之外的大幅增长潜力仍不明朗。” 向前看.陈晓指出,奥罗拉(Aurora)预计第四季度将生产25吨大麻,但其中相当大一部分将用于“增值产品”。她预计总销售量为17公吨,比第三季度增长80%。 陈对该股票的市场权重评级。 周四晚些时候,奥罗拉(Aurora)股价上涨0.9%,至8.76美元。 标准普尔500指数 指数上涨了1.3%。

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