Village Farms International (NASDAQ: VFF) is slated to report third quarter 2019 earnings results on Thursday, November 14, at 8:00 pm ET. Analysts estimate the company will report earnings of $0.16 per share on revenue of $48.6 million.
Village Farms historically reports higher sales in the second and third quarters due to its peak vegetable production during summer. Production updates from the company’s joint ventures, Pure Sunfarms and Village Fields Hemp, are also worth watching.
Last month, the company saw a decrease in the wholesale market price for cannabis in the markets where Pure Sunfarms sells its production resulting in lower margins compared to the second quarter. Pure Sunfarms also began shipping cannabis products to provincial wholesalers in Ontario and British Columbia, which together comprise over half of Canada’s population.
In the second quarter of 2019, Village Farms reported consolidated sales of $53.4 million and earnings of $0.20 per share. Produce sales totaled $41.3 million.
Last quarter, the company commenced the conversion of its second 1.1 million square foot greenhouse operation, Delta 2, for cannabis production, which is expected to double Pure Sunfarms’ annual output at full production to over 150,000 kilograms, which is expected by the fourth quarter of 2020.
Village Farms also expanded its US outdoor hemp cultivation and CBD extraction program to Colorado through a new JV, Arkansas Valley Green and Gold Hemp, LLC for the outdoor cultivation of high-cannabidiol (CBD) hemp and CBD extraction.
Shares of Village Farms have gained 5% in the past one month. The stock was down 9% in afternoon hours on Wednesday.
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