MORRISVILLE — Pyxus International Inc. (PYX) on Monday reported a loss of $22 million in its fiscal third quarter.
On a per-share basis, the Morrisville, North Carolina-based company said it had a loss of $2.40.
The tobacco company posted revenue of $363.3 million in the period.
Pyxus shares have fallen 19% since the beginning of the year. On Thursday morning, shares were trading at $4.54.
Formerly known as Alliance One, Pyxus is an agricultural company involved in the provision of products such as tobacco, e-liquids in vaporizers and hemp-derived cannabidiol products. Pyxus doesn’t manufacture e-cigarettes or vaporizers but they do manufacture e-liquids and hemp-derived CBD.
Last week, the firm announced two separate agreements with e-cig companies, Turning Point Brands and Smoore, to collaborate on their respective Premarket Tobacco Product Applications (PMTA).
Under a new e-cigarette policy, manufacturers that wish to market any vape products, including flavored e-cigarettes or e-liquids, must submit an application to the FDA for premarket authorization of their products.
Flavored vaping products are now banned in convenience and grocery stores nationwide. Menthol and tobacco-flavored e-cigarettes, however, will be allowed to remain on the market. It comes after parents, teachers and health advocates have increasingly called for a crackdown on flavors, arguing that they are overwhelmingly to blame for the explosion in underage vaping by U.S. teens.
“We have been preparing for regulation of the industry since the establishment of our first e-liquid joint venture in 2014,” Pieter Sikkel, Pyxus’ president, chief executive officer told WRAL TechWire at the time. “By working in conjunction with other reputable, like-minded partners, we’re able to do so more efficiently while strengthening each company’s respective PMTA submissions.”