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.
