B. Riley Q3 2021 Earnings Report
Key Takeaways
B. Riley Financial reported a net income of $48.6 million, or $1.69 diluted EPS, for the third quarter of 2021. Total revenues increased to $381.5 million and the company declared a total third quarter dividend of $4.00 per common share. The Board of Directors approved a new annual share repurchase plan of up to $50 million.
Net income available to common shareholders was $48.6 million, or $1.69 diluted earnings per share (EPS).
Total revenues increased to $381.5 million.
Capital Markets segment revenues increased 58% to $178.7 million.
Combined wealth management assets under management were approximately $32 billion as of September 30, 2021.
B. Riley
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B. Riley Revenue by Segment
Forward Guidance
B. Riley Financial aims to utilize cash flows to enhance the business, make accretive acquisitions, and return capital to shareholders. The company will continue to seek opportunities to improve the capital structure in the coming quarters.
Positive Outlook
- Continue to utilize cash flows to enhance our business
- Make accretive acquisitions
- Return capital to our shareholders
- Continue to seek opportunities to improve our capital structure
- Reducing our debt expense by redeeming two of our higher rate corporate bonds and issuing debt at a rate that is over 200 basis points lower.
Challenges Ahead
- Risks associated with the unpredictable and ongoing impact of the COVID-19 pandemic
- Risks described in B. Riley Financial, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2020
- Risks described in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021
- Risks described in our Quarterly Reports on Form 10-Q for the quarters ended June 30, 2021 under the captions “Risk Factors”
- Risks described in our Quarterly Reports on Form 10-Q for the quarters ended June 30, 2021 under the captions “Management's Discussion and Analysis of Financial Condition and Results of Operations”
Revenue & Expenses
Visualization of income flow from segment revenue to net income