Business
B. Riley Financial Releases Guidance for Fourth Quarter; Raises Guidance for Full Year 2019
Full Year 2019 Net Income Expected to be $79.5 to $81.5 Million with Adj. EBITDA of $205.1 to $209.1 Million, Exceeds Prior Guidance for Net Income of $45 to
About this update from Brc Group Holdings, Inc.
[{"type":"text","content":"Full Year 2019 Net Income Expected to be $79.5 to $81.5 Million with Adj. EBITDA of $205.1 to $209.1 Million, Exceeds Prior Guidance for Net Income of $45 to $60 Million and Adj. EBITDA of $150 to $170 Million\n Announces Block Purchase of 880,000 Shares of Common Stock\n\n\nLOS ANGELES, Jan. 22, 2020 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ:RILY) (the \"Company\" or \"B. Riley\"), a diversified provider of business advisory and financial services which operates through several wholly-owned subsidiaries, today released guidance for the fourth quarter of 2019 and raised its guidance for the full year ended December 31, 2019.\n\n \n \n\n \nPreliminary Results for Q4 2019\nNet income range of $15.0 to $17.0 million Adjusted EBITDA in the range of $47.5 to $51.5 millionPreliminary Results for Full Year 2019\nNet income of $79.5 million to $81.5 million Adjusted EBITDA of $205.1 million to $209.1 million\"Our preliminary fourth quarter results include strong performance in our capital markets segment driven by investment banking activity and proprietary investment gains. The strength in capital markets was offset by an accrual of the total estimated loss we expect to incur on the completion of a large liquidation project. We are pleased that despite a setback in our liquidation group, we anticipate exceeding the mid-range of our prior guidance from September 2019 by approximately $47 million for adjusted EBITDA and $28 million for net income. As we enter 2020, we are seeing more opportunities than ever to leverage our platform and we remain optimistic about our ability to accelerate B. Riley's forward momentum as we look ahead,\" said Bryant Riley, Chairman and Co-Chief Executive Officer, B. Riley Financial.\nBased on preliminary, unaudited results for the fourth quarter of 2019, the Company expects to report adjusted EBITDA in the range of $47.5 to $51.5 million and net income in the range of $15.0 to $17.0 million.\nFor the full year of 2019, the Company expects to report adjusted EBITDA in the range of $205.1 to $209.1 million and net income in the range of $79.5 to $81.5 million, exceeding its prior guidance of adjusted EBITDA in the range of $150 to $170 million and net income in the range of $45 to $60 million. The mid-range of the Company's updated 2019 guidance represents a significant year-over-year increase of over ...