Village Farms Reports Q3 Sales Of US$72.4 Million, Net Income
Third quarter financial results this morning were released by Village Farms International (TSX: VFF). The company reported total sales of $72.4 million for the three month period, along with a net income of $0.7 million.
Revenues were dominated in the quarter by produce, at $41.2 million, followed by cannabis at $31.2 million. Total sales for the three month period amounted to $72.4 million, as compared to $70.4 million in the prior quarter, beating analyst estimates of US$68.7 million in revenue.
In terms of cannabis specifically, the company highlighted that it had achieved record revenue, margins, and adjusted EBITDA for the segment, with revenues up 55% year over year, while gross margins hit 44%. Adjusted EBITDA for the segment meanwhile hit C$10.9 million.
Cost of sales meanwhile amounted to $54.7 million, resulting in gross margins of $17.7 million for the quarter. After SG&A of $13.1 million and share based compensation of $1.8 million, the company saw income from its consolidated entities of $0.7 million, which ultimately lead to a net income of $0.7 million. Adjusted EBITDA meanwhile came in at $6.8 million.
Full financial results have yet to be released by the company.
Village Farms International last traded at $10.42 on the TSX.
Information for this briefing was found via Sedar and Village Farms International. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
