Benzinga | Nov 12, 2021 12:26PM EST

Why Sundial Growers Shares Are Trading Higher Today

Sundial Growers Inc (NASDAQ:SNDL) is trading higher Friday after the company reported its third-quarter financial results and announced a share repurchase program.

Sundial reported quarterly net earnings of $11.3 million Canadian dollars ($8.99 million), which is up from a loss of CAD$71.4 million year-over-year. The company reported quarterly adjusted EBITDA of CAD$10.5 million, which is up from an adjusted EBITDA loss of CAD$4.4 million year-over-year.

Sundial reported quarterly net revenue from cannabis segments of CAD$14.4 million, representing a 12% increase year-over-year.

"Our third quarter results reflect the initial impact of the business transformation led by Sundial's team over the last 10 months. We remain focused on sustainable profitability and continued improvement in all aspects of our operations," said Zach George, CEO of Sundial Growers.

Sundial Growers also announced a share repurchase program authorizing the company to repurchase up to CAD$100 million of its shares "from time to time at prevailing market prices."

Under the terms of the program, Sundial Growers can purchase a maximum of 102.8 million shares, representing approximately 5% of the company's issued and outstanding shares.

See Also: You Ask, We Analyze: Why Sundial Growers Stock Could Slam Short Sellers

Sundial Growers is engaged in producing and marketing cannabis for the adult-use market.

SNDL Price Action: Sundial has traded as high as $2.30 and as low as 23 cents over a 52-week period.

The stock was up 14.20% at 82 cents at time of publication.

Photo: Erin_Hinterland from Pixabay.