OrganiGram Earnings: OGI Stock Falls 12% on Q2 Results

OGI missed estimates for the quarter

OrganiGram (NASDAQ:OGI) earnings for the Canadian cannabis company’s fiscal second quarter of 2020 have OGI stock taking a hit on Tuesday. This comes after reporting diluted losses per share of -4.1 cents on revenue of C$23.2 million. Neither of these looks good next to Wall Street’s estimates of -2 cents per share and revenue of C$24.9 million.

OrganiGram Earnings: OGI Stock Falls 12% on Q2 Results
Source: Shutterstock

Now, let’s take a more in-depth view of the most recent OrganiGram earnings report below.

  • Diluted per-share losses are 19.51% wider than the -4.1 cents in the fiscal second quarter of 2019.
  • Revenue for the quarter comes in 13.76% lower than the $26.9 million reported in the same period of the year prior.
  • The OrganiGram earnings report also includes a net loss of -$6.8 million.
  • That’s a 6.25% wider net loss than the -$6.4 million reported during the same time last year.

Greg Engel, chief executive officer of OrganiGram, said this about the OGI stock earnings report:

“Our second quarter results reflect continued execution despite ongoing industry challenges. We introduced new products such as our Edison Bytes chocolates, Edison Limelight dried flower and Trailblazer vape pens and continue to elevate the Canadian consumer’s cannabis experience. These products have been well received with strong customer demand to date and we look forward to further roll-outs in the space.”

The OrganiGram doesn’t include specific numbers in its outlook. However, the company does note it is feeling the effects of the novel coronavirus. Despite this, it plans to meet anticipated demand with its current inventories on hand.

OGI stock was down 12.15% 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,

©2020 InvestorPlace Media, LLC