Business
B. Riley Financial Reports Second Quarter 2023 Results; Quarterly Dividend of $1.00 per share Payable August 21, 2023
Reaffirms Q3 2023 Guidance for Operating Adjusted EBITDA of at least $105 million LOS ANGELES, Aug. 9, 2023 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ:
About this update from Brc Group Holdings, Inc.
[{"type":"text","content":"Reaffirms Q3 2023 Guidance for Operating Adjusted EBITDA of at least $105 million\nLOS ANGELES, Aug. 9, 2023 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) (\"B. Riley\" or the \"Company\"), a diversified financial services platform, today released results for the three-month and six-month period ending June 30, 2023. The Company has also reaffirmed its guidance for operating adjusted EBITDA(3) of at least $105 million for the third quarter of 2023.\n\n \n \n \n \n \n \n\n \nHighlights for the Three Months Ended June 30, 2023\nTotal revenues increased 191% to $406.3 million vs. $139.6 million in prior year quarterNet income attributable to the Company of $46.4 millionNet income available to common shareholders of $44.4 million, or $1.55 diluted earnings per share (EPS)Operating Revenues(2) of $363.9 millionOperating Adjusted EBITDA(3) of $80.2 millionTotal Adjusted EBITDA(1) of $139.9 millionHighlights for the Six Months Ended June 30, 2023\nTotal revenues increased 117% to $838.4 million vs. $386.5 million in prior year six-month periodNet income attributable to the Company of $63.5 millionNet income available to common shareholders of $59.5 million, or $2.05 diluted EPSOperating Revenues(2) of $744.4 million, up from $523.5 million in prior six-month periodOperating Adjusted EBITDA(3) of $160.3 millionTotal Adjusted EBITDA(1) of $234.7 millionReaffirmed Q3 2023 Guidance\nExpects Operating Adjusted EBITDA(3) of at least $105 million for the third quarter of 2023Bryant Riley, Chairman and Co-Chief Executive Officer of B. Riley Financial, commented: \"On a consolidated basis, our platform delivered solid results for the second quarter despite another challenging capital markets period with nominal contribution from investment banking. We expect a strong third quarter based on a meaningful increase of client activity across capital markets, retail liquidation, consulting, and appraisal. Our overall business is at a near-term inflection, and we are encouraged by our current momentum and the opportunities we see ahead.\"\nTom Kelleher, Co-Chief Executive Officer of B. Riley Financial, added: \"Market dynamics have created a favorable environment for us to recruit talent to provide incremental value to our clients and existing team. During the quarter, we expanded our consumer and TMT industry vertical coverage through the a...