Cannabis seedlings are seen at the Aurora Cannabis grow facility in Montreal on Nov. 24, 2017. Aurora Cannabis Inc. shares soared briefly then gave up most of their gains Tuesday after the cannabis producer estimated its fourth-quarter production available for sale was at the high end of its previous guidance, or above. THE CANADIAN PRESS/Ryan Remiorz
Aurora stock rises after company issues Q4 production and revenue estimates
EDMONTON — Aurora Cannabis Inc. shares soared briefly before giving up some of the gains Tuesday after the cannabis producer estimated its fourth-quarter production available for sale was at the high end of its previous guidance, or above.
Earlier, Aurora announced its estimated production available for sale was between 25,000 and 30,000 kilograms — above the company’s previous guidance of 25,000 kilograms.
Aurora also estimated its revenue from all sources will rise to between $100 million and $107 million, but didn’t provide an estimate on fourth quarter kilograms sold, average price per gram or earnings.
The company’s estimated fourth-quarter net revenue range was below an average analyst estimate of $114 million, according to financial markets data firm Refinitiv.
Aurora’s full results for the quarter and 2019 financial year ended June 30 will be issued before Sept. 15 with a more clear picture about Aurora stock.
In its 2019 fiscal third quarter ended March 31, Aurora produced 15,590 kilograms and sold 9,160 kilograms at an average price of $6.40 per gram — resulting in $65.1 million of net revenue.
Companies in this story: (TSX:ACB)
Featured image courtesy of Ryan Remiorz/THE CANADIAN PRESS