HRG Group (HRG) Reports Q2 Loss of $0.39

August 9, 2016 8:51 AM EDT
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HRG Group (NYSE: HRG) reported Q2 EPS of ($0.39), versus ($0.82) reported last year. Revenue for the quarter came in at $1.4 billion, versus $1.2 billion reported last year.

"HRG reported very strong results this quarter, including the second consecutive quarter of a double digit increase in revenue and a substantial increase in consolidated operating income, which, over the first nine months of this year, has increased almost $830 million as compared to the first nine months of Fiscal 2015," said Omar Asali, President and Chief Executive Officer of HRG.

"Spectrum Brands reported record third quarter results, with a 9.1% increase in reported net sales, 3.7% growth in organic, currency-consistent sales and an 18.2% increase in Adjusted EBITDA, and we continue to anticipate record levels of annual revenue, Adjusted EBITDA and free cash flow from Spectrum in Fiscal 2016," continued Asali. "In the Energy segment, our recent agreement to sell Compass to a third party eliminates our exposure to the volatility of commodity prices in a transaction that we expect to close before the end of the fiscal year, while over in Asset Management, we continue to simplify its structure and substantially reduce the amount of the receivables outstanding in the Salus loan portfolio.

"With respect to the FGL merger with Anbang, we continue to work closely with Anbang and are engaged with the regulators to secure the required approvals to complete the transaction. Closing this transaction continues to be a priority and we remain committed to closing once the regulatory approval process concludes."

For earnings history and earnings-related data on HRG Group (HRG) click here.

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