- Village Farms International (NASDAQ:VFF) reported fourth-quarter FY21 sales growth of 55% year-on-year, to $72.81 million, beating the consensus of $70.08 million.
- Total cannabis sales increased 168% Y/Y to $34.4 million. Produce sales increased 11% to $38.4 million.
- The gross profit expanded to $19.9 million, with the margin at 27.3%.
- Adjusted EBITDA was $5.3 million versus $(0.5) million last year.
- EPS of $0.03 beat the consensus of $0.01.
- Village Farms held $58.7 million in cash and equivalents as of December 31, 2021.
- "With expanded production capacity and robust product strategy, as well as the significant opportunities created by the acquisition of Quebec-based Rose and anticipated receipt of EU-GMP certification, we believe 2022 promises to take the scale and profitability of our Canadian cannabis operations to a new level," said CEO Michael DeGiglio.
- Price Action: VFF shares are trading higher by 1.13% at $5.39 on Tuesday.
