Aurora Cannabis earnings (NYSE:ACB) were released late in the day on Monday and the company posted results that were strong compared to its previous estimates for the period, helping to send ACB stock popping after hours.
Although there were no analysts’ guidances for the Edmonton, Canada marijuana producer’s second quarter of its fiscal 2019, it still performed well. This marked the first quarter in which the company posted earnings publicly since marijuana was legalized for recreational purposes all across Canada.
For the period, Aurora Cannabis unveiled a loss of C$237.8 million ($178.6 million), while revenue came in at C$54.2 million ($40.7 million). The losses were caused in large part due to the company’s investments in other cannabis companies, although results were still solid as the company had said in January that it was calling for revenue in the range of C$50 million ($37.6 million) and C$55 million ($41.3 million).
During its second quarter of its fiscal 2018, the company brought in earnings of C$7.7 million ($5.8 million), while its revenue came in at C$11.7 million ($8.8 million). It is worth noting that these figures are not comparable with its latest quarter because legal recreational weed had yet to become available in Canada.
“Based on available data released by Health Canada for the Q2 2019 period, Aurora accounted for approximately 20% of all consumer sales across the country,” the company said in Monday’s release.
ACB stock surged close to 2% after hours on the company’s results, while shares had been falling 5.5% during regular trading Monday.