Cresco Labs (OTCMKTS:CRLBF) Announces Quarterly Earnings Results

Key Points

• Cresco Labs reported earnings of ($0.05) per share, missing analysts' estimates of ($0.04) by ($0.01).
• The company's revenue for the quarter was $163.62 million, slightly exceeding consensus estimates of $162 million.
• Analysts have recently dropped the rating for Cresco Labs from "strong-buy" to "moderate buy," although it retains a consensus rating of "Buy."

Cresco Labs (OTCMKTS:CRLBF - Get Free Report) posted its earnings results on Thursday. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.01), Zacks reports. Cresco Labs had a negative net margin of 6.67% and a negative return on equity of 11.65%. The business had revenue of $163.62 million for the quarter, compared to analyst estimates of $162.00 million.

Cresco Labs Stock Performance

Shares of OTCMKTS:CRLBF traded up $0.07 during trading on Friday, reaching $0.75. 1,274,434 shares of the company's stock traded hands, compared to its average volume of 942,176. Cresco Labs has a 12 month low of $0.43 and a 12 month high of $2.05. The company has a debt-to-equity ratio of 1.63, a current ratio of 2.75 and a quick ratio of 1.98. The stock has a market capitalization of $366.59 million, a P/E ratio of -5.74 and a beta of 1.42. The company has a 50 day moving average of $0.57 and a 200-day moving average of $0.70.

Analyst Ratings Changes

Separately, Canaccord Genuity Group lowered shares of Cresco Labs from a "strong-buy" rating to a "moderate buy" rating in a report on Tuesday, June 3rd. Two investment analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy".

About Cresco Labs

Cresco Labs Inc, together with its subsidiaries, cultivates, manufactures, and sells retail and medical cannabis products in the United States. It provides cannabis in flowers, vape pens, live resins, disposable pens, and extracts under the Cresco brand; vape carts, vape pens, flower, popcorn, shake, pre-rolls, shorties, and concentrates under the High Supply brand; vapes and gummies under the Good News brand; vapes and edibles under the Wonder Wellness Co brand; and tinctures, capsules, salves, and sublingual oils under the Remedi brand.