Village Farms International Gains After Reporting Record 2Q Cannabis Sales
Dow Jones08-11 02:03
Shares of Village Farms International rose after the company reported higher second-quarter revenue, driven by cannabis sales.
The stock climbed 11%, to $2.31, midday Monday, but has fallen 37% since the start of the year.
The company posted net income of $7.1 million, or 6 cents a share, compared with $26.5 million, or 24 cents a share, a year earlier.
Revenue rose to $64 million from $59.9 million. Analysts polled by FactSet expected $56.3 million.
Chief Executive Michael DeGiglio said there was record cannabis revenue this quarter and record production in its Delta, British Columbia, facilities.
He added that the company was gaining traction in its efforts to grow market share in convenience-product categories in Canada.
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