VFF stock is one of the notable losers in the pot sector after Village Farms International Inc (NASDAQ:VFF) swung to a first-quarter loss and missed analysts’ estimates by a wide margin.
This morning, the company said that it lost $7.38 million or 10 cents a share in the latest quarter. On an adjusted basis, the company’s loss worked out to be 7 cents a share, below the Zacks Investment Research estimate of a loss of 1 cent.
Revenue during the quarter grew to $52.40 million, up from a year-ago quarter of 32.11 million. Analysts were projecting the company to report revenues of 48.3 million.
“The first quarter of 2021 was yet another strong quarter for Pure Sunfarms, which delivered its third consecutive quarter of strong sequential growth in our priority sales channel, Retail Branded Sales – up 20% from the fourth quarter – and is especially encouraging given the softness in the Canadian market due to pandemic restrictions, which stalled sales growth for the rest of the industry,” said Michael DeGiglio, CEO, Village Farms.
VFF stock is down 17.30% and trading at the lowest point of the session of $9.19. Despite today’s fall, the stock is still up over 200% from its 52-week low.