BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Tilray Brands Sees Strong Growth in Q3 But Adjusts Full-Year Guidance, Shares Dip
NEW YORK and LEAMINGTON, Ontario, April 9, 2024 – Tilray Brands, Inc. (Nasdaq: TLRY; TSX: TLRY), a global leader in the cannabis-lifestyle and consumer packaged goods sectors, today disclosed its earnings for the third quarter ended February 29, 2024. Despite achieving significant revenue growth and expanding its market presence, the company's stock faced a 13.5% decline in after-market trading following an update to its full-year guidance.
Q3 Financial Performance Highlights:
- Net Revenue: Saw a near 30% increase to $188.3 million, driven by growth across all business segments.
- Gross Profit: Reported at $49.4 million with an adjusted figure of $51.6 million, translating into a gross margin of 26% and an adjusted gross margin of 27%.
- Beverage-Alcohol Segment: Notably, revenue surged by 165% to $54.7 million, consolidating Tilray's position as the 5th largest craft beer brewer in the U.S., holding a 4.5% market share.
- Cannabis Segment: Continued to dominate with a 33% revenue increase to $63.4 million, led by strong performances in Canada and Germany, and international cannabis sales up 44%.
Strategic Developments and Operational Highlights:
- Convertible Debt: Reduced by $50.7 million during the quarter, with further reductions post-quarter, enhancing financial flexibility.
- Market Leadership: Maintained #1 market share in Canada and Germany for cannabis, with significant strides in the U.S. beverage-alcohol market post the Craft Acquisition.
- Innovation and Expansion: The company has focused on innovation within its wellness brand, Manitoba Harvest, and aims to become a top 12 U.S. beer and alcohol beverage company.
Updated Fiscal Year 2024 Guidance:
- Adjusted EBITDA: Now expected to be between $60 million to $63 million, adjusting from previous forecasts.
- Cash Flow: The company no longer anticipates generating positive adjusted free cash flow for fiscal year 2024, attributing this to delays in collecting cash from asset sales.
Executive Commentary:
Irwin D. Simon, Tilray's Chairman and CEO, emphasized the company's diverse and strategic approach to navigating the current market and seizing future growth opportunities. He highlighted the integration of craft beverage brands and the realization of operating synergies from the HEXO acquisition as key achievements of the quarter.
Market Reaction and Future Outlook:
Despite the positive growth trajectory and strategic advancements, Tilray's stock experienced a 13.5% decline in after-market trading. The revised EBITDA guidance and the announcement of not meeting the previously expected cash flow targets have contributed to investor caution. However, Tilray remains optimistic about its position and future, citing its leading roles in the cannabis and craft beer sectors and its readiness to capitalize on U.S. cannabis policy reforms.
As Tilray continues to execute its strategy, the company's ability to adapt to regulatory changes, market dynamics, and consumer preferences will be critical in maintaining its growth momentum and shareholder value.
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