Aphria Is First Canadian Pot Company to Turn a Profit


2019-08-02 18:01:00 Bloomberg


Aphria Inc. became the first major Canadian cannabis company 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 Management Commentary Interim Chief Executive Officer Irwin Simon indicated there’s no immediate plan to replace him with a permanent leader. “The leadership team we have in place is solid; there is no management void at Aphria,” he said. “There is no emphasis on ‘interim’ by me and my team” The company is “building strategic partnerships and alliances” in the U.S. CBD market, where it doesn’t currently have a presence. “Let me be clear: we’re always looking for opportunities in the U.S., but it needs to be the right opportunity, one that will create real and long-term value for our shareholders,” Simon said Chief Financial Officer Carl Merton reiterated the company’s intent to generate C$1 billion in annualized revenue by the end of calendar 2020.
Aphria Inc .周四成为首家公布净利润的加拿大大型大麻公司,其股价在盘后交易中上涨了32%。 总部位于安大略的大麻生产商莱明顿( Leamington )表示,在截至5月31日的季度中,该公司收入为1.29亿加元,收入为1580万加元(合1200万美元)。该公司的收入超过了分析师的最高预期,较上一季度增长了75%。 与上个季度相比,这一业绩出现了显著变化,当时 Aphria 报告毛利率大幅下降,收入达不到预期,拉美资产减记5000万加元。 主要见解 休闲大麻销售收入为1,850万加元,比上一季度增长158%,销售的大麻为5,574公斤。此外,生产大麻的阿普里拉成本也较低,每克干大麻的现金成本从1.48加元降至1.35加元,阿普里拉说,预计在2020财政年度将产生6.5亿加元至7亿加元的净收入。截至5月31日,调整后的息税折旧摊销前利润为8800万加元至9500万加元。分析师预计,该公司的收入为7.01亿加元, Ebitda 为4600万加元 管理评论 临时首席执行官欧文•西蒙( Irwin Simon )表示,目前还没有计划以永久领导人取代他。“我们现有的领导团队是坚实的, Aphria 没有管理空白,”他说。“我和我的团队没有强调‘临时’。” 该公司正在美国 CBD 市场“建立战略伙伴关系和联盟”,目前该公司还没有业务。西蒙说:“让我明确一点:我们总是在美国寻找机会,但它需要成为正确的机会,为我们的股东创造真正的长期价值 首席财务官 Carl Merton 重申,公司计划到2020年底实现10亿加元的年收入。