Cronos: 4Q Earnings Snapshot
TORONTO (AP) _ Cronos Group Inc. (CRON) on Monday reported fourth-quarter net income of $62 million, after reporting a loss in the same period a year earlier.
The Toronto-based company said it had profit of 16 cents per share. Losses, adjusted for non-recurring gains, came to 7 cents per share.
The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 4 cents per share.
The cannabis company posted revenue of $7.9 million in the period, which also missed Street forecasts. Four analysts surveyed by Zacks expected $12.5 million.
For the year, the company reported net income of $1.17 billion, or $3.33 per share, swinging to a profit in the period. Revenue was reported as $25.6 million.
Cronos shares have dropped 17% since the beginning of the year. In the final minutes of trading on Monday, shares hit $6.34, a decline of 66% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CRON at https://www.zacks.com/ap/CRON