Heritage Global Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 11, 2022 at 02:32 am IST
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Heritage Global Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported sales was USD 5.31 million compared to USD 1.17 million a year ago. Revenue was USD 12.66 million compared to USD 5.99 million a year ago. Net income was USD 2.3 million compared to USD 0.474 million a year ago. Basic earnings per share from continuing operations was USD 0.06 compared to USD 0.01 a year ago. Diluted earnings per share from continuing operations was USD 0.06 compared to USD 0.01 a year ago.
For the nine months, sales was USD 16.97 million compared to USD 4.25 million a year ago. Revenue was USD 33.08 million compared to USD 18.27 million a year ago. Net income was USD 5.52 million compared to USD 2.09 million a year ago. Basic earnings per share from continuing operations was USD 0.15 compared to USD 0.06 a year ago. Diluted earnings per share from continuing operations was USD 0.15 compared to USD 0.06 a year ago.
Heritage Global Inc. is an asset services company specializing in financial and industrial asset transactions. The Company provides a full suite of services, including market making, acquisitions, refurbishment, dispositions, valuations and secured lending. The Company segments include Industrial Assets Division and Financial Assets Division. Industrial Assets Division includes Auction and Liquidation, which operates a global full-service auction, appraisal and asset advisory firm, including the acquisition of turnkey manufacturing facilities and used industrial machinery and equipment, and Refurbishment & Resale, which acquire, refurbish and supply specialized laboratory equipment. Financial Assets Division includes Brokerage, which charges-off receivables in the United States and Canada on behalf of lenders including banks, mortgage companies, and auto and alternative lending sources, and Specialty Lending, which provides specialty financing solutions to investors.