Tobacco and cannabis company Pyxus International, Inc. (NYSE: PYX), reported a net second-quarter loss of $16.5 million Thursday, down from a net loss of $54.63 million in the same period last year.
It achieved adjusted EBITDA for the quarter of $41.5 million, compared to adjusted EBITDA of $27.44 million in the prior year period.
The company also disclosed a basic and diluted loss per share of $1.81, versus a loss per share of $6.04 one year ago.
The lower net loss is mostly thanks to a $32.1-million decrease in income tax cost and a 3.2% increase in gross margin, Pyxus said in a press release.
It also disclosed sales and other operating revenues have reached $383 million, down from $394.9 million in the same quarter of 2018.
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"[The] focus on improving performance across all of our businesses during the first half of fiscal year 2020 provided a platform on which we intend to build,” Pieter Sikkel, the company's chairman, president and CEO, said in a statement.
“Our growth businesses are planned to ramp up significantly with positive adjusted EBITDA on a run-rate basis by the end of the June 2020 quarter. Additionally, we continue to evaluate and develop the plans for a potential monetization of a portion of Pyxus' ownership in a consolidation of its two majority-owned Canadian cannabis businesses with its minority-owned U.S. hemp and next generation flavor businesses."
Pyxus shares were trading 8.68% higher at $10.02 at the time of publication Friday.
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