Cresco Labs (OTCMKTS:CRLBF) Issues Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Cresco Labs (OTCMKTS:CRLBF) released its earnings results on Thursday. The company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.06, Zacks reports. The company had revenue of $173.34 million for the quarter, compared to analyst estimates of $166.20 million. Cresco Labs had a negative net margin of 20.90% and a negative return on equity of 17.98%.

Cresco Labs Stock Up 5.2%

Shares of CRLBF traded up $0.04 during midday trading on Friday, reaching $0.76. 51,623 shares of the company were exchanged, compared to its average volume of 765,637. The stock has a 50-day moving average price of $0.78 and a 200-day moving average price of $0.92. The company has a market cap of $380.69 million, a price-to-earnings ratio of -1.94 and a beta of 1.54. Cresco Labs has a 1-year low of $0.59 and a 1-year high of $2.30. The company has a current ratio of 2.51, a quick ratio of 1.41 and a debt-to-equity ratio of 1.78.

Analyst Upgrades and Downgrades

Separately, Alliance Global Partners reissued a “buy” rating on shares of Cresco Labs in a research note on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy”.

Cresco Labs Company Profile

Cresco Labs is a vertically integrated, multi-state cannabis operator in the United States. The company engages in the cultivation, manufacturing and distribution of a broad range of cannabis products, including flower, pre-rolled joints, concentrates, vaporizers, edibles and tinctures. Cresco Labs’ operations span cultivation facilities, processing laboratories and a network of wholesale distribution centers that supply licensed dispensaries and retail outlets across key cannabis markets.

The company’s product portfolio is organized under several branded platforms, such as MÜV, Reserve and High Supply, each designed to address different segments of the adult-use and medical cannabis markets.