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Mar 31, 2024
B. Riley Q1 2024 Earnings Report
B. Riley's Q1 2024 results reflected a mix of operating performance and strategic adjustments.
Key Takeaways
B. Riley Financial reported total revenues of $343 million for Q1 2024, compared to $432 million in Q1 2023. The company experienced a net loss available to common shareholders of $51 million, influenced by investment-related losses. However, operating income, adjusted for specific items, remained relatively flat compared to the previous year. The company declared a quarterly dividend of $0.50 per share.
B. Riley Advisory Services delivered its strongest Q1 results in the firm’s history.
B. Riley Securities benefitted from a steady dealmaking environment.
Wealth Management operating margins have continued to improve over the last two years.
The company monetized investments to retire bonds and repay debt, redeploying capital into new opportunities.
B. Riley
B. Riley
Forward Guidance
B. Riley is progressing with a strategic review for its Great American Group retail liquidation and appraisal businesses and is pleased with the interest received. The company remains focused on addressing the needs of its clients, partners, and employees.
Positive Outlook
- Strategic review process for Great American Group retail liquidation and appraisal businesses is progressing well.
- Company is pleased with the interest seen in the strategic review process.
- Company remains focused on addressing the needs of its clients.
- Company remains focused on addressing the needs of its partners.
- Company remains focused on addressing the needs of its employees.
Challenges Ahead
- The company experienced unusual events over the last several months.
- First quarter of 2024 reflected $30 million of unrealized non-cash investment losses.
- Company incurred incremental costs related to the filing of its 10-K, internal review and subsequent independent investigation undertaken by our Board’s Audit Committee.
- Targus is continuing to work through macro headwinds.
- Decrease in overall Capital Markets segment revenues.