Aphria suspends outlook, reports $144.4 million in revenue amid COVID-19
Posted April 15, 2020 7:35 am.
Last Updated April 15, 2020 7:50 am.
LEAMINGTON, Ont. — Aphria Inc. is suspending its 2020 financial outlook because of the uncertainty caused by COVID-19.
The Leamington, Ont., cannabis company says it won’t reinstate its annual guidance until the pandemic stabilizes, but had predicted a revenue between $575 million and $625 million for the year.
Aphria says its third quarter, which ended Feb. 29, delivered $144.4 million in net revenue, up from $73.6 million in the same quarter a year earlier.
The company beat analyst expectations that suggested it would report $131.25 million in revenue in the quarter.
Aphria reported it earned net income of $5.7 million or two cents per diluted share for the quarter compared with a net loss of $108.2 million or 43 cents per diluted share in the same quarter last year.
The earnings caused Aphria’s stock to shoot up 11 per cent to $5.66 in morning trading and came as the cannabis industry has struggled with a tough year already speckled with layoffs and writedowns that industry watchers expect to be exacerbated by the pandemic.
This report by The Canadian Press was first published April 15, 2020.
Companies in this story: (TSX:APHA)
The Canadian Press
