Business

Green Thumb sales surge on growing U.S. cannabis demand

Published

3 years ago

November 10, 2021

U.S. cannabis producer Green Thumb Industries Inc‘s third-quarter revenue surged nearly 49% to beat estimates on Wednesday, thanks to more distribution channels and higher traffic at its retail stores.

A record number of Americans took to using cannabis products for recreation during last year’s months-long lockdowns and now, retail stores are reaping the benefits as both new and old customers visit after pandemic curbs ease.

“American consumers are overwhelmingly choosing cannabis for well being. People are demanding this product and we only see that growing,” Chief Executive Officer Ben Kovler told Reuters in an interview.

Kovler estimated the U.S. cannabis industry is currently worth $24 billion in annual sales, in line with independent research data, and expects it could triple in size over the next decade as new states, products and consumers enter the market.

New marijuana sector-friendly policy changes, including access to federal banking and expectations of federal decriminalization of marijuana, have sparked optimism among investors in the industry.

“We believe that American consumers will consume $80 billion of annual cannabis and that means that there’s at least $50 billion more of legal sales to come in the next decade,” Kovler said.

Chicago-based Green Thumb’s profit more than doubled to $20.2 million, or 8 cents per share, in the third quarter ended Sept. 30.

Revenue rose to $233.7 million from $157.1 million last year, narrowly beating a Refinitiv IBES estimate of $233.3 million.

Green Thumb, which has 16 manufacturing facilities, 66 retail outlets and operations across 14 U.S. states, said its retail revenue increased 7.3% sequentially, as it opened new stores and more people walked into the older ones.

(Reporting by Arunima Kumar and Rithika Krishna in Bengaluru; Editing by Devika Syamnath)

Business

Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

Published

1 day ago

November 5, 2024

Anne Joseph

TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

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Business

Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

Published

1 day ago

November 5, 2024

Anne Joseph

ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

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Business

Thomson Reuters reports Q3 profit down from year ago as revenue rises

Published

1 day ago

November 5, 2024

Anne Joseph

TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.

The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.

Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.

In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.

On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.

The average analyst estimate had been for a profit of 76 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:TRI)

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