Stock Track | Cronos Group Soars 5.16% as Q3 Earnings Beat Expectations, Driven by Strong Cannabis Sales in Israel

Stock Track11-06

Cronos Group Inc. (CRON) saw its stock soar 5.16% in pre-market trading on Thursday following the release of its third-quarter earnings report, which surpassed analyst expectations. The Canadian cannabinoid company reported a significant increase in profitability and revenue growth, primarily driven by strong cannabis sales in Israel.

Cronos reported a net income of $28.3 million, or $0.07 per share, up from $7.3 million, or $0.02 per share, in the same quarter last year. This impressive 450% earnings beat caught investors' attention, as analysts had expected a loss of $0.02 per share. The company's adjusted EBITDA also swung to a positive $5.7 million, compared to a loss of $6 million in the previous year.

Revenue for the quarter rose to $36.3 million, a 6.06% increase from $34.3 million in the same period last year. While this figure slightly missed the analyst consensus estimate of $37.3 million, investors seemed to focus more on the bottom-line performance. The revenue growth was attributed to higher cannabis flower sales in Israel and increased cannabis extract sales in Canada, although these gains were partially offset by lower cannabis flower sales in the Canadian market. The positive financial results, particularly the unexpected profit, appear to be the primary driver behind the stock's significant pre-market rally.

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