TLRY - Why Tilray Brands Stock Fell 26.9% This Week
2024-04-12 07:22:27 ET
Shares of Tilray Brands (NASDAQ: TLRY) are down 26.9% this week as of Thursday's close, according to data provided by S&P Global Market Intelligence , after the cannabis lifestyle and consumer packaged goods specialist announced mixed quarterly results and reduced its full-year outlook.
For its fiscal third quarter ended Feb. 29, Tilray's revenue grew 30% year over year to $188.3 million, falling just short of consensus estimates for $198.3 million. On the bottom line, that translated to breakeven non-GAAP (adjusted) earnings, above estimates for an adjusted $0.05-per-share net loss.
Note Tilray's top-line growth was driven almost entirely by acquisitions. Beverage-alcohol segment revenue nearly tripled year over year to $54.7 million, thanks largely to its acquisitions of several big beer brands from AB InBev late last year. Cannabis segment sales jumped 33% year over year to $63.4 million, helped by Tilray's takeovers of Canadian cannabis peers HEXO and Truss last year. That growth was partially offset by a 13% decline in distribution revenue, to $56.8 million, due to a combination of changing regulations surrounding rebates as well as weather and IT infrastructure outages.
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Why Tilray Brands Stock Fell 26.9% This Week