Tilray (NASDAQ:TLRY) stock is on the move Wednesday as investors react to the company’s earnings report for its fiscal first quarter of 2024.
Tilray’s revenue of $176.95 million initially saw shares of TLRY stock rise higher this morning. That’s better than the $174.3 million in revenue that Wall Street was expecting for the period. It’s also a 15% increase year-over-year.
Unfortunately, Tilray’s earnings per share of -10 cents is worse than the -6 cents per share that analysts were expecting this quarter. On a positive note, that’s a narrower loss than the -13 cents per share reported during the same time last year.
Irwin Simon, chairman and CEO of Tilray, said the following in the earnings report:
“Tilray is now ideally positioned to capture a wide range of opportunities across multiple industries driving value through organic and acquisitive revenue growth, operating efficiencies, and improved margins and profitability.”
TLRY Stock Outlook
Tilray also provides an updated fiscal 2024 outlook in its latest earnings report. That includes expectations for adjusted EBITDA to range from $68 million to $78 million. That would mark an 11% to 27% increase compared to fiscal 2023.
TLRY stock is down 4% as of Wednesday morning, with some 15 million shares traded. For the record, its daily average trading volume is about 31.8 million shares.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
