Heritage Global reports Q1 EPS 5c, consensus 6c

Reports Q1 revenue $12.16M, two estimates $14.2M. Heritage Global Chief Executive Officer Ross Dove commented, “2024 is off to a solid start with continued profitability in the business. Our financial division is executing well and benefiting from heightened economic pressures driving increases in charged-off credit cards and non-performing loans. Our industrial division continues to see healthy levels of equipment and asset auction activity, but faced a tough comparison in the quarter given a large auction that took place in the first quarter of 2023. Importantly, subsequent to the close of the first quarter, our auction division, in conjunction with our partners, completed a highly accretive transaction involving the sale of equipment and a 10-year building lease on the recently acquired pharmaceutical plant in Fenton, Missouri.”