B. Riley Financial Inc. saw an increase in its fourth quarter adjusted earnings and revenue compared to a year ago.
The Woodland Hills financial services company reported on Tuesday adjusted net income of $23.6 million (83 cents a share) for the quarter ending Dec. 31, compared with adjusted net income of $700,000 (3 cents) in the same period a year earlier. Revenue increased by 62 percent to $165 million.
No analysts follow the company.
Co-Chief Executive Bryant Riley attributed the strong quarterly results to record investment banking revenues as well as significant gains from the company’s investment portfolio which helped more than offset a loss in the liquidation segment.
“Meanwhile, our consulting, appraisal, wealth management and principal investment businesses continue to perform steadily as we pursue new opportunities to create additional value from our platform,” Riley said in a statement.
Shares of B. Riley Financial (RILY) closed Tuesday down 84 cents, or 3.4 percent, to $23.64 on the Nasdaq.
AeroVironment Inc. missed Wall Street estimates on earning and revenue in the fiscal third quarter.
The Simi Valley unmanned aircraft manufacturer reported on Tuesday a net loss of $1 million (-4 cents a share) for the quarter ending Jan. 25, compared with net income of $8.4 million (35 cents) in the same period a year earlier. Revenue dropped by 18 percent to $61.9 million.
Analysts on average expected earnings of 13 cents on revenue of $68.8 million, according to Thomson Financial Network.
Chief Executive Wahid Nawabi said the fiscal third quarter results were consistent with expectations.
“We remain very well positioned to deliver on our fiscal 2020 commitments and continue to create value for our stockholders and customers,” Nawabi said in a statement.
Shares of AeroVironment (AVAV) closed Tuesday down 73 cents, or 1.3 percent, to $53.59 on the Nasdaq.