Hexo Corp Down 4.59% To $0.74 After Earnings Miss

Thursday, June 15, 2023 - Hexo Corp (HEXO) reported downside earnings and revenues today.

Hexo Corp's earnings came in at an EPS loss of $0.7 per share, 6900% lower than estimates for an EPS loss of $0.01 per share. The firm's loss per share narrowed by 85% since reporting a loss of $4.76 per share a year ago.

Revenues were downbeat at $15.9 million. That represents a 65.19% decrease in revenues from the year-ago report and is 16.17% lower than consensus estimates set at $18.9 million.

The stock is down 4.59% to $0.74 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

Wall Street Analysts had an average rating of Hold on the stock prior to the report.

Trading in the five days leading up to the report earned Hexo Corp a Bearish Sentiment Rank from InvestorsObserver.

Prior to the report, InvestorsObserver gave the stock an overall score of 35. Meanwhile, the average Wall Street analyst rated the stock a Hold.

HEXO Corp is an award-winning consumer packaged goods cannabis company that creates and distributes innovative products to serve the global cannabis market. Through its hub and spoke business strategy, HEXO Corp is partnering with Fortune 500 companies, bringing its brand value, cannabinoid isolation technology, licensed infrastructure and regulatory expertise to established companies, leveraging their distribution networks and capacity. The Company serves the Canadian adult-use markets under its HEXO Cannabis, Up Cannabis and Original Stash brands, and the medical market under HEXO medical cannabis. For more information please visit hexocorp.com.