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Cronos Group Delays Q4 Results Release

By Eric Volkman - Feb 24, 2020 at 2:28PM

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It's now anybody's guess when the figures will be published.

Cronos Group (CRON 0.29%) won't be releasing its latest quarterly results this week after all.

The company announced Monday that it is delaying the publication of its Q4 and full-year fiscal 2019 figures, which was originally scheduled for Thursday, Feb. 27. It has not yet fixed a new date, nor given an approximate time frame when the results might be available.

In the press release announcing the move, Cronos said it was due to "a delay in the completion of its financial statements." It did not provide further details.

Marijuana bud burning.

Image source: Getty Images

Cronos' Q3 quarterly report was delivered on schedule in November, although it disappointed investors.

The top line came in below analyst estimates, while an attractive-looking net profit figure -- of almost 788 million Canadian dollars ($596 million) was due entirely to a one-time accounting gain of CA$835 million ($631 million); without it, the line item would have been in negative territory.

Other areas of concern for investors in the marijuana company included a drop in prices for its goods, and a decline in the contribution of relatively high-margin cannabis extracts to overall revenue.

For the company's Q4, on average, analysts expect the company to post a per-share net loss of $0.03, according to The Wall Street Journal. Their average price target is $9.30, compared to the stock's current level of $6.47.

In mid-afternoon trading Monday, Cronos' stock was down by nearly 10%.

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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