B. Riley Financial Inc. reported adjusted first quarter earnings of $8.8 million, or 32 cents a share, the Woodland Hills financial services firm announced Monday.
Total revenues increased to $95.8 million compared to $52.9 million for the first quarter of last year, with the increase attributable to acquisitions of FBR & Co. and Wunderlich Securities Inc. B Riley declared a special dividend of 4 cents a share in addition to the regular quarterly dividend of 8 cents a share.
“Our first quarter performance was driven by strong results in the auction and liquidation business, offset by modest results in our capital markets business,” Chief Executive Bryant Riley said in a statement. “Looking ahead, we believe the robust activity we’re seeing in these episodic business units will be the primary drivers of our second quarter results, in addition to the continued steady performance from our other business segments.”
Shares of B. Riley (RILY) closed Tuesday up $1.50, or 7.3 percent, to $21.95 on the Nasdaq.