Heritage Global Q3 adjusted EBITDA misses analyst expectations
HGBL•HGBL•HGBL•HGBL•Heritage Global reported Q3 adjusted EBITDA of $1.42 million, below the $1.74 million analyst consensus. Revenue and net income increased year over year, and the company said its auction pipeline remains strong heading into year-end.
Heritage Global reported Q3 adjusted EBITDA of $1.42 million, missing the $1.74 million consensus estimate from three analysts. Net income was $1.04 million, and EPS was $0.03. Revenue and net income increased year over year.
The company said its Industrial Assets division led Q3 performance, with healthy auction volume and larger value opportunities. CEO Ross Dove said Boston Note performed well while DebtX faced challenges. Heritage Global also invested $2 million in a joint venture acquiring pharmaceutical sites in Colorado.
Heritage Global said its auction pipeline remains strong heading into year-end and sees long-term potential in the secondary loan market despite recent challenges.
