Tilray misses 4Q earnings estimates but shares rally in pre-market trading

Tilray Inc (NASDAQ:TLRY) shares ticked upwards Tuesday in pre-market trading, despite the cannabis company reporting fourth-quarter earnings that missed estimates, citing higher operating costs and expenses.  

Shares of Tilray, which closed 0.4% lower at US$72.24 on Monday in New York jumped in pre-market, up over 3% at US$74.54. 

The Nanaimo-based cannabis company reported revenue of US$15.5 million in the fourth quarter, against analyst expectations of US$17 million. 

Tilray’s net loss during the period was $31 million, or $0.33 per share, against a net loss in the year-ago period of $3 million, or $0.04 a share. 

READ: Buds & Duds: Tilray rises ahead of earnings release, Harvest One and Flowr ink sales deals

According to the company, the higher loss was due to an increase in operating expenses related to continued growth, expansion of international teams, and costs related to financing and mergers-and-acquisitions activity. 

“Looking ahead, we remain committed to pursuing global growth opportunities and will be disciplined in deploying capital, particularly in the United States and Europe, where we believe we have multiple paths for value creation,” said President and CEO Brendan Kennedy in a statement. 

Contact Katie Lewis at [email protected]

–UPDATES FOR SHARE PRICE MOVE–

Story by ProactiveInvestors