INNOVATE Corp. reports Q2 EPS 10c vs. (13c) last year

Reports Q2 revenue $313.1M vs. $368.8M last year…”INNOVATE achieved strong second quarter financial results, reporting revenue of $313.1 million,” said Avie Glazer, Chairman of INNOVATE. “Infrastructure delivered net income attributable to INNOVATE and Adjusted EBITDA year-over-year growth again in the second quarter. At Life Sciences, R2 once again achieved record high Glacial system unit sales in North America in the second quarter, a 200% increase over the same period last year and MediBeacon continues to work through their substantive review of the kidney monitoring program with the FDA. And at Spectrum, we improved both on the top and bottom line in the second quarter as well as year-to-date.””Our strong second quarter results are underscored by the performance across our three operating segments,” said Paul Voigt, INNOVATE’s Interim CEO. “DBM expanded margins further in the quarter highlighting the team’s resiliency in a softer construction market. At Pansend, R2 experienced strong momentum in North America unit sales which grew, again, in the second quarter, while MediBeacon continues to see great opportunity in the market for real time monitoring of kidney function. Finally, Broadcasting continues to fill our station platform with higher quality business that has translated into stronger financial results.”