Market Overview

Pyxus International Posts Quarterly Net Loss Of $16.5M

Share:
Pyxus International Posts Quarterly Net Loss Of $16.5M

Tobacco and cannabis company Pyxus International, Inc. (NYSE: PYX), reported a net second-quarter loss of $16.5 million Thursday, down from a net loss of $54.63 million in the same period last year.

It achieved adjusted EBITDA for the quarter of $41.5 million, compared to adjusted EBITDA of $27.44 million in the prior year period.

The company also disclosed a basic and diluted loss per share of $1.81, versus a loss per share of $6.04 one year ago. 

The lower net loss is mostly thanks to a $32.1-million decrease in income tax cost and a 3.2% increase in gross margin, Pyxus said in a press release.

It also disclosed sales and other operating revenues have reached $383 million, down from $394.9 million in the same quarter of 2018.

Don’t miss out on the top cannabis stories of the day. Click here to sign up for our daily insider newsletter.

"[The] focus on improving performance across all of our businesses during the first half of fiscal year 2020 provided a platform on which we intend to build,” Pieter Sikkel, the company's chairman, president and CEO, said in a statement.

“Our growth businesses are planned to ramp up significantly with positive adjusted EBITDA on a run-rate basis by the end of the June 2020 quarter. Additionally, we continue to evaluate and develop the plans for a potential monetization of a portion of Pyxus' ownership in a consolidation of its two majority-owned Canadian cannabis businesses with  its minority-owned U.S. hemp and next generation flavor businesses."

Pyxus shares were trading 8.68% higher at $10.02 at the time of publication Friday. 

Posted-In: Cannabis Earnings News Markets Best of Benzinga

 

Related Articles (PYX)

View Comments and Join the Discussion!

Cannabis Movers

Sign up for our secret cannabis newsletter!
Never miss out on the breaking news in the Cannabis Industry!

A Dispatch From Trader Rehab

Disney's Strong Quarter Keeps Investors Happy, But Its 'Biggest Moment' Awaits