Aphria Tumbles 18% on Q1 Results
Aphria (NASDAQ: APHA) didn't exactly provide a high for its investors on Thursday. The Canada-based marijuana company released fiscal 2021 first-quarter results that were full of red ink and substantially worse than analyst expectations.
For the quarter, Aphria's net revenue was 145.69 million Canadian dollars ($110.86 million), which was 16% higher on a year-over-year basis but 4% lower than the fiscal fourth-quarter 2020 tally. On the bottom line, the company flipped to a comprehensive loss of nearly CA$5.1 million ($3.9 million) from the year-ago profit of CA$14.8 million ($11.3 million), although the Q4 result -- a loss of over CA$97 million ($74 million) -- was far deeper.
Image source: Getty Images.
On a per-share basis, the CA$0.02 ($0.02) deficit was slightly narrower than the average analyst expectation of CA$0.03 ($0.02). However, those prognosticators were collectively modeling almost CA$160 million ($122 million) on the top line, so Aphria missed that by a wide margin.
While the company did well in its core activity of marijuana sales, boosting its take for the category by 134% to over CA$82 million ($62 million), other key metrics trended negative. One was distribution revenue, which slipped by 14% to roughly the same amount; another key metric was excise taxes, which tripled and then some to hit nearly CA$20 million ($15 million).
It seems that investors were pleased with none of this, particularly given the marijuana sector's long and painful history of booking losses. Aphria's shares fell by over 18% on Thursday, dragging down numerous other marijuana stocks along with them.
Here's The Marijuana Stock You've Been Waiting For
A little-known Canadian company just unlocked what some experts think could be the key to profiting off the coming marijuana boom.
And make no mistake – it is coming.
Cannabis legalization is sweeping over North America – 11 states plus Washington, D.C., have all legalized recreational marijuana over the last few years, and full legalization came to Canada in October 2018.
And one under-the-radar Canadian company is poised to explode from this coming marijuana revolution.
Because a game-changing deal just went down between the Ontario government and this powerhouse company...and you need to hear this story today if you have even considered investing in pot stocks.
Simply click here to get the full story now.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.