By Yasin Ebrahim
Investing.com - Aurora Cannabis (NYSE:ACB) said it was on track to deliver positive earnings by next year after reporting mixed third-quarter results as earnings fell short, but revenue topped expectations as the marijuana producer ramped up production.
Aurora Cannabis Inc (NYSE:ACB) was up more than 14% in after-hours trade.
The company said it was on track to deliver on its commitment to turn in positive adjusted earnings (EBITDA) in the first quarter of 2021 with significant improvement in costs.
"I am also pleased that our third quarter 2020 financial results were in-line with our expectations and that we remain firmly on track with the cost-savings and capex goals we detailed during our business transformation plan in February 2020," said Michael Singer, executive chairman and interim chief executive of Aurora.
SG&A costs in the third quarter of 2020 were $75.1 million, down $24.7 million from the prior quarter.
Aurora Cannabis reported third-quarter losses of C$1.37 a share, missing estimates for a loss of C$0.77. Revenue of C$75.5 million beat estimates of C$46.99 million.
The beat on the top line was led by strong performance in its consumer cannabis business, with revenue up 24% to $41.5 million year on year.
Production volume rose 18% to 36,207 kilograms in the quarter.