Cronos Group (NASDAQ:CRON) earnings for the marijuana company’s third quarter of 2019 have CRON stock down on Tuesday. This comes despite the company’s adjusted losses per share of -2 cents. This is better than Wall Street’s estimate of -3 cents. However, its revenue of $10.10 million misses analysts’ estimates of $10.45 million.
Let’s take a closer look at the most recent Cronos Group earnings.
- Adjusted per-share losses are up 33.33% YoY from -3 cents.
- Revenue is sitting 250.69% higher than the $2.88 million reported during the same time last year.
- Operating loss for the quarter comes in 1010.56% wider from the third quarter of 2018.
- One benefit during the quarter was seeing net income as compared to a net loss in the same period of the year prior.
- 3,142 kilograms of marijuana were sold in Canada during the quarter.
- That’s a 511% increase over the 514 kilograms that were sold in the third quarter of the previous year.
- CRON saw net product revenue per gram sold drop 31% and cost of sales before fair value adjustments per gram fall 31%.
Mike Gorenstein, CEO of Cronos Group, says this about the Q3 CRON stock earnings.
“As demonstrated by our progress in the third quarter, we are making great strides to advance the development and diversity of our portfolio and to expand our manufacturing capabilities. We are confident that our platform strategy and focus on consumer driven innovation will continue to differentiate Cronos Group and drive growth and value creation over the long-term.”
CRON stock was down 1.73% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.