Curaleaf Holdings (OTC: CURLF) posted its first quarter fiscal 2020 figures after market shut on Monday, and the next day the market expressed its displeasure in regards to the outcomes.
For the quarter, the marijuana firm‘s whole income got here in at $96.5 million, up 28% from the fourth quarter of 2019 determine, and 174% increased than the identical interval a yr in the past. Curaleaf posted a internet lack of simply over $15 million ($0.03 per share), towards the earlier quarter’s $26.6 million deficit, and the $10.2 million shortfall of the primary quarter of 2019.
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On common, analysts have been anticipating $98.41 million on the highest line, and a per-share internet lack of $0.05.
Curaleaf attributed its sharp features in income to new dispensary openings, plus a number of acquisitions that lifted the retail retailer rely. The retail section types the majority of the corporate’s income base; at $56.6 million it comprised practically 60% of Curaleaf’s whole for the quarter.
The corporate didn’t proffer full-year 2020 steering. It did say, nonetheless, that it “stays effectively positioned for bettering prime and bottom-line efficiency in 2020 pushed by our natural development initiatives in addition to strategic acquisitions.”
Within the first quarter, the corporate closed its long-simmering acquisition of the Choose hashish model. One other slowly growing buyout, that of peer retailer and producer Grassroots, stays pending practically a yr after it was first introduced.
Tuesday was not day for Curaleaf stockholders. Within the wake of the earnings report, the corporate’s shares fell by 13.4% on the day, a a lot steeper fall than that suffered by the broader inventory market.
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