Categories AlphaGraphs, Earnings, LATEST, Other Industries

Village Farms swings to profit in Q2

Village Farms International (NASDAQ: VFF), which was expected to report second quarter 2019 earnings results today at approximately 5:00 p.m. ET, published its quarterly results at 8:00 p.m. ET. The company’s earnings improved to $0.20 per share in the second quarter from a loss of $0.05 per share in the prior-year quarter. Village Farms stock ended down 1.33% at $13.35 when the markets closed today.

Village Farms International reports earnings of $0.20 per share for Q2 2019

For the second quarter ended June 30, 2019, Village Farms reported net income of $9.89 million or $0.20 per diluted share compared to a loss of $2.28 million or $0.05 per diluted share in the quarter ended June 30, 2018. The recently ended quarter’s net income included the contribution of positive net income from Pure Sunfarms of $14 million.

Produce sales for the June quarter dropped to $41.33 miilion from $42.04 million in the quarter ended June 30, 2018. Consolidated sales, including Pure Sunfarms’ contribution of $12.12 million, increased to $53.45 million. Cost of goods sold (all in cost) per gram was CAD$0.65 (US$0.49) per gram.

Related: Aphria stock jumps after reporting better-than-expected Q4 results

“We expect Pure Sunfarms to deliver consistent quarter-on-quarter growth throughout this year and next, driven by Delta 3 now operating at full production, the anticipated start of sales directly to the Ontario Cannabis Store and other provincial/territorial and private retailers, expansion of product sales into pre-rolls and oils and other derivative products, and the doubling of capacity to 150,000 kilograms annually with its second 1.1 million square foot facility, Delta 2, expected to begin operations mid-2020 and achieve full production later that year,” said CEO Michael DeGiglio.

Related: What you need to know before buying Village Farms International stock

In the US, Village FArms established its second joint venture for outdoor hemp cultivation and CBD-extraction by adding Colorado to its production in three eastern states. DeGiglio added, “We remain firmly on track to begin sales of hemp biomass this year, transitioning to sales of CBD crude oil early in 2020, and then commence CBD product manufacturing.”

Since Village Farms started trading on NASDAQ on February 21 this year, the stock had rallied 35% so far. Shares of Village Farms were up slightly in the extended trading hours.

Get access to timely and accurate verbatim transcripts that are published within hours of the event

Most Popular

Aurora Cannabis (ACB) Earnings: 3Q21 Key Numbers

Aurora Cannabis Inc. (NYSE: ACB) reported third quarter 2021 earnings results today. Total revenues fell 25% year-over-year to CAD55.1 million. Adjusted EBITDA loss amounted to CAD24 million. Cash balance as

Walt Disney (DIS) Q2 revenue down 13%; earnings beat estimates

Media behemoth The Walt Disney Company (NYSE: DIS) reported second-quarter revenues that declined from last year as customers stayed away from theatres and parks due to pandemic-related safety issues and

Three key factors that bode well for Tattooed Chef (TTCF) going forward

Shares of Tattooed Chef Inc. (NASDAQ: TTCF) have gained 57% over the past 12 months but has dropped 25% since the start of this year. The sentiment on the stock

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top