By Yasin Ebrahim
Investing.com – Tilray jumped in after-hours trade Wednesday after the marijuana producer reported fourth-quarter results that markedly beat expectations on strong demand from abroad.
Tilray (NASDAQ:TLRY) jumped more than 14% in after-hours trade.
The company reported a Q4 loss of 2 cents per share on revenue of $56.56 million, much improved from the $2.14 loss per share and revenue of $46.9 million seen last year. That was also ahead of analysts expected for a loss of 14 cents a share on revenue of $56.0 million.
The beat on the top and bottom lines were led by its cannabis business, with sales rising 46% to $41.2 million, mainly driven by acceleration of International Medical sales, up 191%, and Canadian adult-use sales, up 49%.
“Canadian medical sales grew 26% and there were no bulk sales to other license producers. Hemp segment revenue decreased 18% to $15.3 million (C$20.5 million) primarily due to a shift to private label product with a large customer and the impact of COVID-related changes to consumer shopping patterns,” the company said.
Total cannabis kilogram equivalents sold decreased 54% to 6,901 kilograms from 15,039 kilograms in the prior year’s fourth quarter, but the average cost per gram sold increased 37% to $3.24.
Tilray Q4 Results Top Estimates on Red-Hot International Demand
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