Cronos Group's Q2 Trounces Estimates
Cronos Group (NASDAQ: CRON) is the latest marijuana stock to post substantially better-than-expected financials this earnings season. The company released results for its fiscal second quarter of 2019 today, and they were surprisingly robust.
For the quarter, Cronos booked net revenue of 10.2 million Canadian dollars, which was more than three times higher than the Q2 2018 figure. (Note: All figures in this story are in Canadian dollars unless otherwise specified.) This was on the back of 1,584 kilograms of product sold, again more than triple the result of the year-ago quarter. That CA$10.2 million was significantly higher than the CA$7.3 million expected by analysts.
The bottom line showed a profit of nearly CA$251 million (CA$0.75 per share). However, this was due to an accounting gain of almost CA$264 million on the revaluation of derivative liabilities. The Q2 2018 net profit was around CA$762,000, less than CA$0.01 per share. For the most recent quarter, analysts had projected a CA$0.03 net loss.
Quelle Fool.com
