Heritage Global, Inc. (HGBL) Misses Q1 EPS by 1c, Revenues Beat

May 13, 2021 4:54 PM EDT
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Heritage Global, Inc. (NASDAQ: HGBL) reported Q1 EPS of $0.03, $0.01 worse than the analyst estimate of $0.04. Revenue for the quarter came in at $7.1 million versus the consensus estimate of $6.48 million.

First Quarter 2021 Highlights:

  • The Company achieved operating income of $1.0 million as compared to an operating income of $0.1 million in the first quarter of 2020.
  • Net income increased to $1.0 million, or $0.03 diluted earnings per share, for the first quarter of 2021, as compared to $38,000 or $0.00 diluted earnings per share in the first quarter of 2020.
  • EBITDA totaled $1.1 million versus EBITDA of $0.2 million in the first quarter of 2020, while Adjusted EBITDA (excluding non-cash stock-based compensation and severance expense) was $1.5 million compared to $0.3 million in the prior-year quarter.
  • Heritage Global maintains a strong balance sheet, with stockholders’ equity of $30.9 million as of March 31, 2021, compared to $29.9 million as of December 31, 2020, and cash of $15.9 million.

Heritage Global Chief Executive Officer Ross Dove commented, “2021 is off to a strong start with significantly improved operating income, net income and adjusted EBITDA. While the economy continues to reopen and recover, we are seeing continued momentum in our auction business, with clients in this segment seeking to liquidate industrial equipment and assets to improve their financial position as they prepare to fully re-engage their operations. As we move through 2021, we expect to see an increase in the release of non-performing loans into the market, which we expect will favorably impact demand for our financial asset services. We’re pleased to have delivered strong performance in the first quarter and with the opportunities we’re seeing in the markets in which we operate, we remain energized and optimistic about growing our leadership position and prospects through the balance of the year.”

For earnings history and earnings-related data on Heritage Global, Inc. (HGBL) click here.

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