Aurora Cannabis Q2 results: shares up 2% after earnings revenue beats estimates

Aurora Cannabis Q2 results: shares up 2% after earnings revenue beats estimates

The most heavily traded shares by volume were Aurora Cannabis Inc, Bombardier Inc and Aphria Inc.

The company sold 6,999 kilograms of dried cannabis to both the recreational and medical markets between October 1 and December 31, a 162 per cent increase from sales in the quarter prior to this one. Analysts had forecast a net loss per share of C$0.05 and revenues of C$54.56 million. Management reiterated its previous guidance that based on the company's current confirmed production results, Aurora will have approximately 25,000 kgs available for sale in Q4 (April to June 2019).

What is in Aurora Cannabis' future outlook?

The company's products consist of dried cannabis and cannabis oil; CanniMed vegan capsules; and hemp products, as well as sells vaporizers, consumable vaporizer accessories, and herb mills for using herbal cannabis products. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Aurora Cannabis during the 4th quarter worth approximately $747,000. "We are going to have to see a better retail infrastructure in provinces across the country in order to see the level of sales that I think everybody is anticipating, but it's going to take some a couple of more quarters".

"We are positioned to capture a larger part of medical market in Canada and overseas", chief corporate officer Cam Battley said on the call.

It said the company's Edmonton facility will soon reach full production capacity and a recent harvest completed at the facility exceeded targeted yields. Canaccord Genuity analyst Matt Bottomley said the results from Aurora and Canopy Growth, which reports Thursday, would give investors their "first real look" at the sales potential for the nation's biggest licensed weed growers.

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Aurora Cannabis Inc. produces and distributes medical cannabis products.The firm is valued at $7.12 billion. Aurora Cannabis had a net margin of 224.33% and a return on equity of 8.57%. The loss was also likely because of the drop in the average price of dried marijuana. "We are experiencing exceptional demand for our Canadian medical and consumer products, as well as sustained strong demand internationally".

"Aurora disagrees with this practice, and we're not collecting tax from our medical patients but rather are absorbing the cost despite the slight negative effects on our revenues", said Battley.

Aurora generated $2.8 million in revenue from sales of dried cannabis to the European Union in the second quarter of fiscal 2019. The company reported $0.09 earnings per share (EPS) for the quarter, topping the Zacks' consensus estimate of ($0.04) by $0.13.

Sincel legalization, Aurora's stock has lost roughly 35 per cent of its value, as the pre-legalization buoyancy for pot stocks began to subside.

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