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B. Riley Financial Announces Preliminary Second Quarter 2023 Results and Guidance for Third Quarter 2023; Declares $1.00 Dividend
LOS ANGELES, July 25, 2023 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company"), a diversified financial services platform,
About this update from Brc Group Holdings, Inc.
[{"type":"text","content":"LOS ANGELES, July 25, 2023 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) (\"B. Riley\" or the \"Company\"), a diversified financial services platform, today announced certain preliminary unaudited financial results for the three-month and six-month period ending June 30, 2023. The Company has also provided guidance for operating adjusted EBITDA in the third quarter of 2023.\n\n \n \n \n \n \n \n\n \nPreliminary Estimates for the Three Months Ended June 30, 2023\nTotal revenues estimated within the range of $405 million to $407 millionNet income attributable to the Company between $44.6 million to $46.6 millionDiluted earnings per common share in the range of $1.48 to $1.55 per diluted shareAdjusted EBITDA(1) expected in the range of $138 million to $140 millionOperating adjusted EBITDA(2) within the range of $78.5 million and $80.5 millionPreliminary Estimates for the Six Months Ended June 30, 2023\nTotal revenues estimated within the range of $837.1 million and $839.1 millionNet income attributable to the Company between $61.8 million and $63.8 millionDiluted earnings per common share in the range of $1.98 to $2.05 per diluted shareAdjusted EBITDA(1) expected in the range of $232.8 million and $234.8 millionOperating adjusted EBITDA(2) within the range of $158.6 million and $160.6 millionQ3 2023 Operating Adjusted EBITDA Guidance\nOperating adjusted EBITDA(2) of at least $105 million\"B. Riley Financial is experiencing strong momentum, and we believe our preliminary second quarter results and outlook demonstrate the ongoing successful execution of our platform strategy,\" said Bryant Riley, Chairman and Co-Chief Executive Officer of B. Riley Financial. \"We are seeing positive trends across our businesses. Capital markets and retail liquidation activity is steadily increasing as a function of market tailwinds in our historically episodic segments. Demand for our consulting and appraisal services is at record levels, and our communications and consumer segments continue to perform as a stable source of earnings and cash flow.\"\n\"Investment banking during the month of July has already exceeded our results for all of the second quarter. To the extent that this recent momentum continues, Operating Adjusted EBITDA will meaningfully exceed our $105 million estimate,\" said Riley. \"We expect to have over $500 million of i...