Tilray's Cannabis Business Leads the Way (for Now) as Losses Narrow
Tilray (NASDAQ: TLRY) stock is down modestly on Wednesday after the company's latest fiscal quarterly earnings technically fell short of Wall Street's expectations. But there was plenty for bullish investors to like in the cannabis and consumer packaged goods specialist's report.
For its fiscal first quarter of 2024 (ended Aug. 31, 2023), revenue grew 15.5% year over year to $176.9 million. On the bottom line, Tilray's net loss narrowed to $55.9 million, or $0.10 per share, compared to a loss of $0.13 per share in the same year-ago period. By comparison, most analysts were modeling a smaller net loss of $0.05 per share but on lower revenue of $174 million.
Tilray's top-line results marked a fresh first-quarter record for the company, led by a 20.1% increase in cannabis segment sales to $70.3 million. Distribution segment revenue wasn't far behind, rising 14.1% to $69.2 million, followed by 17% growth in alcoholic beverage sales to $24.2 million.
Source Fool.com
