B. Riley Financial Provides Updated Second Quarter 2018 Guidance
Increases Q2 guidance to reflect better-than-expected results from brokerage and liquidation businesses
Net income projected range raised to $14.3 to $15.3 million, from $5.4 to $10.0 million
Adjusted EBITDA projected range raised to $38 to $40 million, from $22 to $30 million
LOS ANGELES, June 28, 2018 (GLOBE NEWSWIRE) — B. Riley Financial, Inc. (NASDAQ:RILY), a diversified provider of financial and business advisory services, today announced it has increased its guidance for net income and adjusted EBITDA for the second quarter of 2018. B. Riley Financial expects to report net income in the range of $14.3 to $15.3 million and adjusted EBITDA in the range of $38 to $40 million, exceeding its prior guidance for the second quarter of 2018.
“Our updated guidance reflects strength in both our B. Riley FBR brokerage and our Great American retail asset disposition divisions. In addition to the current momentum in each of these businesses, our appraisal and principal investment segments continue to generate steady results and predictable cash flow, helping contribute to a strong quarter for the firm overall,” said Bryant Riley, Chairman and CEO, B. Riley Financial. “While we don’t regularly provide guidance, we are committed to providing updates on the business to the extent we have adequate visibility. Our team has worked diligently to integrate the acquisitions of FBR & Co. and Wunderlich Securities, Inc. over the last 12 months, and towards driving our profitability in every quarter since these acquisitions. It has been exciting and gratifying to see the realization of our strategy and to capitalize on the operating leverage of our diversified platform, and we look forward to continuing to build on this momentum.”
View the full release here on B. Riley Financial’s website.