Cronos Shares Jump on the Back of Swing to Profit in 2Q

Dow Jones08-06

Cronos's shares jumped Thursday after the cannabis company logged record revenue and adjusted earnings before interest, taxes, depreciation and amortization for the latest quarter.

In early trading, the shares were 14% higher at C$4.32, widening the year-to-date advance to 20%.

The Canadian company swung to net income of $32.1 million, or 9 cents a share, for the second quarter, from a year-earlier loss of $39.7 million, or 10 cents.

Earnings before interest, taxes, depreciation and amortization climbed to $13.1 million on an adjusted basis. That was up from $1.69 million last year.

Cronos, whose brands include Spinach, Peace Naturals, LIT and Lord Jones, said revenue for the three months increased 58% to $53 million. Revenue before excise taxes climbed 60% to $70.6 million.

In New York, the shares were up 12% at $3.05.

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