Aurora Cannabis stock up after company issues Q4 production and revenue estimates

Aurora Cannabis Inc. shares soared briefly before giving up most of their gains Tuesday after the cannabis producer estimated its fourth-quarter production available for sale was at the high end of its previous guidance, or above.

The Edmonton-based company’s shares rose as much as 13 per cent to an intraday high of $9.51 on the Toronto Stock Exchange before falling back to $8.78, up 39 cents or five per cent from the previous close on Friday.

READ MORE: Aurora Cannabis cuts quarterly loss to $158M while growing sales to new high

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Earlier, Aurora announced its estimated production available for sale was between 25,000 and 30,000 kilograms — above the company’s previous guidance of 25,000 kilograms.

Aurora also estimated its revenue from all sources will rise to between $100 million and $107 million, but didn’t provide an estimate on fourth quarter kilograms sold, average price per gram or earnings.

The company’s estimated fourth-quarter net revenue range was below an average analyst estimate of $114 million, according to financial markets data firm Refinitiv.

Aurora’s full results for the quarter and 2019 financial year ended June 30 will be issued before Sept. 15.

READ MORE: Aurora Cannabis partners with UFC to research CBD use to manage pain in MMA athletes

In its 2019 fiscal third quarter ended March 31, Aurora produced 15,590 kilograms and sold 9,160 kilograms at an average price of $6.40 per gram — resulting in $65.1 million of net revenue.