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CannTrust Holdings Earnings: CTST Stock Soars on Strong Q1

CannTrust Holdings earnings for the first quarter of 2019 have CTST stock higher on Tuesday.

CannTrust Holdings Earnings: CTST Stock Soars on Strong Q1
Source: Shutterstock

CannTrust Holdings (NYSE:CTST) reported earnings per share of 12 cents for the first quarter of the year. This matches the company’s earnings per share from the same time last year. It was also good news for CTST stock by coming in above Wall Street’s losses per share estimate of 5 cents for the period.

Net income reported in the CannTrust Holdings earnings release for the first quarter of 2019 comes in at C$12.80 million. That’s better than the company’s net income of C$11.44 million reported in the first quarter of 2018.

The CannTrust Holdings earnings report for the first quarter of the year also has it reporting revenue of C$16.85 million. This is an increase over the company’s revenue of C$7.84 million reported in the same period of the year prior. It was also a boon to CTST stock by beating out analysts’ revenue estimate of C$17.20 million for the quarter.

CannTrust Holdings also breaks down what part of its marijuana sales were responsible for the revenue increase for the quarter. It says that medical sales make up 67% of the revenue. The remaining 33% was through recreational sales of the drug.

CannTrust Holdings notes that it also saw a major increase to its active patient count during the quarter. This had the number of active patients up to 68,000 as of March 31, 2019. That’s a 70% increase from the first quarter of the previous year.

CTST stock was up 8% as of Tuesday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2019/05/canntrust-holdings-earnings-have-ctst-stock-up/.

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