Marijuana Stocks: Aurora Cannabis Forecasts Lower Sales As New CEO Steps In

Aurora Cannabis stock fell hard after hours after the Canadian pot producer forecast falling cannabis sales in the current quarter, while net sales for its fourth quarter came in slightly below estimates.

The company reported the Q4 results and Q1 outlook after it named a new CEO this month — part of an effort to turn profitable after racking up losses, shedding employees and shrinking operations.

But lower weed prices hurt sales. The company continued to rack up write-downs and impairments. And for the full fiscal year, Aurora put up a loss of nearly 34 Canadian dollars per share.

Other marijuana stocks also fell after hours.

Aurora Cannabis Earnings

For the first quarter, Aurora said it expected cannabis sales to come in between 60 to 64 million Canadian dollars. That’s down from the 67.5 million reported for the fourth quarter.

It also still expects to hit positive adjusted EBITDA — or earnings before interest, taxes, depreciation and amortization — in its second quarter. The company had pushed that target back to the second quarter, from the first quarter, when it announced the leadership change.

Aurora on Tuesday reported fiscal fourth-quarter revenue of 72.1 million Canadian dollars, down 5% from the prior quarter.

[Read more at Investor’s Business Daily]