Village Farms Q3 Earnings Miss Estimates

• Village Farms International (NASDAQ: VFF) reported a third-quarter FY22 sales decline of 2% year-on-year to $71.06 million, missing the consensus of $76.34 million.

• Total cannabis sales increased 14% Y/Y to $35.5 million.

• The gross profit fell 52.8% to $8.3 million, with the margin at 11.7%.

• Adjusted EBITDA was $(2.2) million versus $6.9 million last year.

• EPS of $(0.10) missed the consensus of $(0.09).

• Village Farms held $23.2 million in cash and equivalents as of September 30, 2022.

• "As our spending on major brand launches subsides and with completion of our investment in 100% hang-dry product, we remain focused on prudent cost management to further enhance profitability over the near- and long-terms and invest in future growth," said CEO Michael DeGiglio.

• Price Action: VFF shares are trading lower by 0.27% at $1.8350 on Wednesday.

• Photo Via Company

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