Lazard Ltd
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Financials : Capital Markets | Small Cap Value
Based in Bermuda
Company profile

Lazard Ltd (Lazard) is a financial advisory and asset management company. The Company operates through two segments: Financial Advisory and Asset Management. It serves a range of clients around the world, including corporations, governments, institutions, partnerships and individuals. The Financial Advisory business segment offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a range of financial advisory services regarding mergers and acquisitions (M&A) and other strategic matters, restructurings, capital structure, capital raising and various other financial matters to corporate, partnership, institutional, government, sovereign and individual clients. The Asset Management business provides investment solutions and investment management services in equity and fixed income strategies, alternative investments and private equity funds to corporations, public funds and sovereign entities.

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Tilray stock booms after pot company promises profit despite stagnant sales growth

4:28 pm ET November 9, 2020 (MarketWatch)

By Jeremy C. Owens

After huge run-up in pot stocks on heels of U.S. election, Tilray predicts first adjusted profit in the fourth quarter, sending shares more than 8% higher in after-hours trading

Tilray Inc. saw very little revenue growth from cannabis sales in a Monday earnings report, but narrowed its losses and promised adjusted profitability in the fourth quarter, sending shares higher in late trading after a staggering run-up in pot stocks on the heels of the U.S. election.

Tilray (TLRY) reported a third-quarter loss of $2.3 million, or 2 cents a share, an improvement from a loss of 36 cents a share in the same period a year ago. The cannabis company's revenue was $51.4 million, up very slightly from $51.1 million a year ago; after removing excise taxes, as most other cannabis companies do when reporting revenue, sales totaled $47.2 million. Analysts on average expected losses of 21 cents a share on sales of $54.4 million.

Tilray stated that the stagnant revenue total was a result of bulk cannabis sales in the third quarter last year that did not repeat in 2020. Chief Executive Brendan Kennedy said that the rest of the company's business was growing while he was cutting costs, leading to the narrower losses.

"We realized solid year over year revenue growth in our core businesses and have achieved a significantly more focused, efficient and competitive cost structure, all of which position Tilray for future success," Kennedy said in Monday's announcement.

After very nearly breaking even in the third quarter on an adjusted-Ebitda basis -- a loss of $1.5 million -- Tilray stated that it would break through with adjusted profit in the fourth quarter.

"Given the broad based improvements we have achieved through the third quarter of 2020, we believe we are poised to deliver positive or break even Adjusted Ebitda in the fourth quarter of 2020," the company said in its outlook, which did not provide specific targets for revenue nor other metrics.

Cannabis stocks have been on a tear in the past week, as four U.S. states approved legalization of recreational cannabis sales in votes last week and it appeared Joe Biden would win the presidency in the U.S. Biden has been more vocal than incumbent president Donald Trump about taking steps to decriminalize cannabis in the U.S., as it is in Canada.

Tilray followed two other large Canadian cannabis companies in reporting earnings Monday morning. Canopy Growth Corp. (WEED.T) showed a big gain in revenue from last year, and Aurora Cannabis Inc. (ACB.T) sales declined but beat analysts' expectations.

For more: Cannabis stocks rally anew as Canopy and Aurora post results (

Tilray shares gained more than 7% in after-hours trading Monday following the earnings announcement. The stock has declined 41% this year, as the S&P 500 index has gained 8.6%, but shares increased more than 68% in the past three regular trading sessions.

-Jeremy C. Owens; 415-439-6400;

(END) Dow Jones Newswires

November 09, 2020 16:28 ET (21:28 GMT)

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