Shares of Aphria Inc. (TSX: APHA) (NYSE: APHA) are up over 22% on Tuesday after the cannabis producer posted a first-quarter profit of CAD 16.4 Million, its second straight quarter of profitable growth.
The Leamington, Ontario-based company said profits for the three months ended August 31 amounted to CAD 0.07 per share, up from CAD 0.05 per share in the prior quarter. Analysts on average expected Aphria to report a CAD 0.02 loss.
Revenue for Aphria’s first quarter of fiscal 2020 totalled CAD 126.1 Million, representing year-over-year growth of 849%. This number, however, fell short of Wall Street’s call for CAD 131 Million.
During its latest quarter, Aphria launched Plant Positivity, a social platform that aims to provide people with better access to plants and lead education on the role plants can play in improving everyday well-being. The company also wrapped up construction of its indoor growing facility in Neumünster, Germany. Aphria said it is on-track for annual production capacity of 255,000 kilograms when all of its facilities are fully licensed and operational.
“We are pleased to report a second consecutive quarter of profitable growth with strong contribution from our Canadian cannabis operations. Our success was also driven by our international business and the strength and growth of our brands, particularly Broken Coast, despite a small fire at our British Columbia facility at the end of the quarter. This solid start to the year keeps us on track to achieve our fiscal year 2020 financial outlook,” said Irwin D. Simon, Aphria Chairman and interim CEO. “Going forward, we remain focused on our highest-return priorities both in Canada and internationally as our team furthers the development of our medical and adult-use cannabis brands to drive growth through innovation and return value to shareholders.”
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