Cronos Reports Q2 Net Income of $57.1M

Cronos

TORONTO (AP) -- Cronos Group Inc. (CRON) on Friday reported second-quarter net income of $57.1 million, after reporting a loss in the same period a year earlier.

The Toronto-based company said it had net income of 15 cents per share. Losses, adjusted for non-recurring gains, came to 9 cents per share.

The results missed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 7 cents per share.

The cannabis company posted revenue of $15.6 million in the period, which also missed Street forecasts. Five analysts surveyed by Zacks expected $18.1 million.

Cronos shares have climbed almost 7% since the beginning of the year. The stock has increased 6% in the last 12 months.

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