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Canadian Cannabis Company Tilray Inc (NASDAQ: TLRY) released its first quarter financial results after Tuesday's close.
The company recorded an adjusted earnings per share loss of 27 cents, in line with consensus estimates, and a turnover of $ 23.04 million.
What happened
The company's revenues increased 195% over the previous year, which is significantly higher than analysts' estimates of $ 20.16 million.
Excluding the excise tax, Tilray said its revenues amounted to $ 21.5 million.
The net loss of 32 cents per Tilray share was higher than the 7 cents per share loss the previous year.
The company said the increased losses were due to higher operating expenses related to various growth initiatives.
In the first quarter, the company more than doubled the equivalent in kilograms sold, from 1,299 kg to 3,012 kg.
The average net selling price per gram increased from $ 5.94 a year earlier to $ 5.60. Excluding excise taxes, the average selling price was $ 5.28 per gram.
Price action
Tilray shares jumped nearly 5% after trading hours on Tuesday.
Related links:
Cannabis Week: A & F tries CBD, GW Pharma gets stronger, Denver decriminalizes mushrooms
Tilray Announces $ 32.6 Million Investment in Cannabis Production Operations in Canada
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