Shares of Tilray Inc (NASDAQ: TLRY) are up more than 15% this morning after the cannabis company reported a surprise profit for its fiscal third quarter.
What Tilray Q3 results tell us
Net income came in at $43.19 million that translates to 9 cents a share.
In the same quarter last year, it had posted $273.52 million of loss ($1.03 a share).
At $151.9 million, revenue noted a 23% year-over-year increase in Q3.
FactSet consensus was for 8 cents of per-share loss on $156.2 million in revenue.
Non-operating income was $72.7 million in the fiscal third quarter.
In comparison, the quarterly non-operating expense stood at $220 million.
Last month, Tilray announced a strategic alliance with Hexo Corp.
CEO Irwin Simon’s remarks
According to Tilray, it will hit its target of $80 million in synergy from the acquisition of Aphria by May 31st – about five months earlier than anticipated. It forecasts another $20 million in synergies to be realised in fiscals 2023. In the earnings press release, CEO Irwin Simon said:
In Q3, we continued executing strategic and shareholder-friendly transactions that provide value with notable upside. As the global economy reopens, we’re confident that the global cannabis powerhouse at the heart of Tilray Brands’ value proposition will deliver sustained and tangible shareholder value.
Tilray is aiming for $4.0 billion in revenue by the end of fiscal 2024. The stock has now recovered nearly 65% since mid-March.
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