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Aphria Rallies On 'Second Consecutive Quarter Of Profitable Growth'

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Aphria Rallies On 'Second Consecutive Quarter Of Profitable Growth'

Aphria Inc (TSX: APHA) (NYSE: APHA) reported net first-quarter revenue of CA$126.1 million ($95.3 million) Tuesday, up 849% from the same quarter in 2018.

During the first quarter of fiscal 2020, the company generated revenue for adult-use cannabis of CA$20 million, an 8% quarter-over-quarter increase. 

The cannabis company achieved positive adjusted EBITDA of CA$1 million and adjusted EBITDA from cannabis operations of CA$1.3 million in the quarter.

Aphria reported net income of CA$16.4 million or CA$0.07 per share versus net income of CA$15.8 million or CA$0.05 per share in the previous quarter.

The company restated its guidance for fiscal year 2020 and said it is expecting net revenue of CA$650 million to CA$700 million and adjusted EBITDA of CA$88 million to CA$95 million.

"We are pleased to report a second consecutive quarter of profitable growth with strong contribution from our Canadian cannabis operations," interim CEO Irwin Simon said in a statement.

"Our success was also driven by our international business and the strength and growth of our brands, particularly Broken Coast, despite a small fire at our British Columbia facility at the end of the quarter. This solid start to the year keeps us on track to achieve our fiscal year 2020 financial outlook."

Aphria shares were rising 16.5% to $5.08 at the time of publication during Tuesday's premarket session. 

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