Trademark Tilray Inc.
TRY,
shares fell 3.7% in premarket deals on Monday after the Canadian cannabis company said it posted a loss for the second quarter. Tilray posted a second-quarter loss of $61.64 million, or 11 cents a share, from a profit of $5.8 million, or breakeven per share, in the previous quarter. Adjusted losses totaled 6 cents a share, in line with analyst estimates in a FactSet survey. The company’s second-quarter net revenue fell to $144.14 million from $155.15 million in the same period last year. On a constant currency basis, net sales for the latest quarter totaled $157.6 million. Analysts are looking for $154.8 million in revenue. During the quarter, Tilray completed the acquisition of Montauk Brewing Co. and maintains its leading position in the adult use cannabis market in Canada. Tilray says it’s close to hitting its annual cost savings goal of $130 million.
