Every year about this time, many companies in all industries provide updates on how they’re doing financially. The COVID-19 pandemic has been detrimental to business growth this past year; however, recovery is beginning to be seen. Canopy Growth, one of the leading cannabis companies with operations across the globe, is set to release its latest earnings status next week, and the news should be relatively optimistic, given the circumstances.
Canopy Growth will provide its latest financial results for the third fiscal quarter, which ended on December 31, 2020, this coming Tuesday. The information will be released before financial markets open, and the company plans on holding an audio webcast that same day at 10 AM Eastern Time. Leading the virtual meeting will be CEO David Klein and Executive VP and Chief Financial Officer Mike Lee.
The company’s last update, provided on November 9, 2020, showed improvement in earnings per share (EPS) for the quarter. That figure was $0.16, which beat analysts’ estimates, and Canopy Growth is expected to announce EPS of $0.21 this quarter. That result came on revenue of $113.20 million for the quarter, around $26 million more than analysts had expected. However, a net loss for the quarter has led the way for the introduction of cost-saving initiatives in the latest period, which should be reflected in the upcoming release. According to a company statement at the time, Canopy Growth was implementing measures that would save anywhere from $150 million to $200 million in expenses as it continued to expand its position in the market.
Following the completion of the earnings call next Tuesday, which will most likely provide valuable insight into the company’s plans for 2021 and the expectations of possible cannabis reform in the US, a replay of the call will be made available. A recording of the webcast will be posted online and maintained for download until May 10 at 11:59 Eastern Time.