Village Farms (NASDAQ:VFF) is a Vancouver-based company that produces, markets, and distributes greenhouse-grown tomatoes, bell peppers, and cucumbers in North America. Shares of this NASDAQ-traded stock have plunged 82% year-over-year as of late afternoon trading on February 27. The stock has plunged 30% so far in 2023.
This company is set to release its fourth quarter and full-year fiscal 2022 earnings on March 9, 2023. In Q3 2022, Village Farms delivered consolidated sales of $71.1 million – down 2% from the previous year. Meanwhile, it announced a consolidated net loss of $8.7 million or $0.10 per share compared to net income of $0.8 million or $0.01 per share. Moreover, it posted a consolidated adjusted EBITDA loss of $2.2 million compared to adjusted EBITDA of $6.9 million in the third quarter of fiscal 2021.
Total cannabis sales climbed 14% year-over-year to $35.5 million. That represented half of total Village Farm sales. Moreover, Village Farms fresh produce sales came in at an identical $35.5 million compared to $41.0 million in the prior year. In the first nine months of fiscal 2022, total gross sales increased 30% to $154 million.
Shares of Village Farms are trading in significantly more favourable value territory compared to its industry peers. Meanwhile, it is on track for strong earnings growth going forward. This undervalued stock is worth your attention as we say goodbye to February 2023.
