Aurora Cannabis Earnings: ACB Stock Heading 16% Higher on Q3 Results

Aurora Cannabis (NYSE:ACB) earnings for fiscal third quarter of 2020 have ACB stock up after-hours Thursday. This comes after reporting revenue of $78.4 million for the current quarter.

Aurora Cannabis Earnings: ACB Stock Heading 8% Higher on Q3 Results

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Here are some additional highlights from the most recent Aurora Cannabis earnings report.

  • Revenue for the quarter is sitting 35% higher than the $56.03 million reported in the fiscal second quarter of 2020.
  • Aurora Cannabis produced 36.21 million kilograms of cannabis during the quarter.
  • That’s an 18% increase in production from the prior quarter.
  • It also sold a total of 12.73 million kilograms of marijuana in the fiscal third quarter of 2020.
  • That’s a 34% jump over the 9.5 million kilograms sold in fiscal Q2 2020.
  • ACB also notes that its operational reset has it on target to turn in positive Adjusted EBITDA in its fiscal first quarter of 2021.

Michael Singer, executive chairman and interim CEO of Aurora Cannabis, said this in the fiscal Q3 earnings report:

“I am incredibly proud of the Aurora team for working through these challenging times in order to maintain uninterrupted operations at all of our production facilities and ensure we continue to meet the needs of our patients and consumers. I am also pleased that our third quarter 2020 financial results were in-line with our expectations, and that we remain firmly on track with the cost-savings and capex goals we detailed during our business transformation plan in February 2020.”

Aurora Cannabis doesn’t include an outlook in its earnings report. Plenty of companies are withholding outlooks right now due to the novel coronavirus.

ACB stock was up 15.7% after markets closed on Thursday.

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

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