Business
B. Riley Financial Raises Guidance for Full Year 2019
LOS ANGELES, Sept. 4, 2019 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ:RILY) (the "Company" or "B. Riley"), a diversified financial services company
About this update from Brc Group Holdings, Inc.
[{"type":"text","content":"LOS ANGELES, Sept. 4, 2019 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ:RILY) (the \"Company\" or \"B. Riley\"), a diversified financial services company which operates through several wholly-owned subsidiaries, today announced it is revising and raising its guidance for the full year of 2019.\n\n \nThe Company expects to report adjusted EBITDA in the range of $150 million and $170 million and net income in the range of $45 million and $60 million, an increase from its previously released projections for adjusted EBITDA of $115 million to $135 million and net income of $39 million to $45 million.\nB. Riley is raising its full year guidance as a result of continued steady results across its various subsidiaries with better than anticipated performance in its more episodic asset disposition and capital markets businesses. While these episodic businesses are inherently hard to forecast, strong performance in these segments are core to the Company's strategy of utilizing its balance sheet to leverage returns out of its asset base.\nThe Company reported total revenues of $306.8 million and net income of $30.2 million for the first six months of 2019, compared to revenues of $221.3 million and net income of $21.5 million for the six months ended June 30, 2018. For the full year of 2018, B. Riley reported total revenues of $423.0 million and net income of $15.5 million. The Company intends to report its third quarter 2019 financial results in late October.\nB. Riley will present at the 8th Annual Gateway Conference in San Francisco today, Wednesday, September 4, 2019 at 11:00 am PST (2:00 pm EST). Investors may access the webcast online on the Company's investor relations website at ir.brileyfin.com.\nAbout B. Riley FinancialB. Riley Financial provides collaborative financial services tailored to fit the capital raising and business advisory needs of public and private companies and high-net-worth individuals. B. Riley operates through several wholly-owned subsidiaries which offer complementary end-to-end capabilities spanning investment banking and institutional brokerage, private wealth and investment management, corporate advisory, restructuring, due diligence, forensic accounting and litigation support, appraisal and valuation, and auction and liquidation services. Certain registered affiliates of B. Riley originate and underwr...