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HC2 Holdings, Inc. (NYSE: HCHC) reported Q1 2021 results with consolidated revenue of $171.8 million, down 7.9% from Q1 2020. However, net income surged to $12.2 million, a significant recovery from a $83.5 million loss in the previous year. Key developments included the successful sale of its Clean Energy segment for $169 million and a pending $90 million sale of its Insurance segment. The infrastructure segment anticipates growth from the acquisition of Banker Steel for $145 million. Adjusted EBITDA improved to $1.0 million from a loss of $2.9 million.
HC2 Holdings, Inc. (NYSE: HCHC) will release its Q1 2021 financial results on May 7, 2021, before market opening. The company will host a conference call at 8:30 a.m. ET the same day to discuss these results, operations, and strategy. Interested parties can join the live call through the Investor Relations website. Dial-in options include a domestic line at 1-877-705-6003 and an international line at 1-201-493-6725, using conference number 13719067. A replay will be available shortly after the call until May 21, 2021.
HC2 Holdings (NYSE: HCHC) announced the launch of Glacial Rx, a groundbreaking CryoAesthetic™ treatment for age spot removal developed by its portfolio company R2 Technologies. This FDA-cleared system utilizes patented cooling technology to suppress melanin production and improve skin appearance, offering clinical advantages like reduced downtime and no heat-related side effects. With promising clinical results showing significant improvement in 93% of spots within two months, Glacial Rx aims to drive value creation for HC2 and its shareholders.
HC2 Holdings has agreed to sell its insurance segment, Continental Insurance Group, for approximately $90 million. The deal includes $65 million in cash and securities. The transaction aims to streamline HC2's portfolio and enhance its capital structure, enabling a focus on its core segments: Infrastructure, Life Sciences, and Spectrum. The sale was approved by HC2's Board, excluding involved parties, and is set to close in Q3 2021, pending regulatory approvals.
HC2 Holdings (NYSE: HCHC) announced its subsidiary DBM Global will acquire a 100% stake in Banker Steel Holdco LLC, enhancing its East Coast and Southeast operations. The acquisition aims to significantly boost DBM's revenue and EBITDA, capitalizing on infrastructure growth in the U.S. Banker Steel provides fabricated structural steel and has a history of notable projects like Washington Nationals Park. The deal, expected to close in Q2 2021, is subject to financing and customary conditions.
HC2 Holdings reported a consolidated net revenue of $251.8 million for Q4 2020, a 1.7% increase from the previous year. However, full-year revenue declined by 6.6% to $1,005.8 million. The company’s net loss decreased by 77.4% to $7.1 million for the quarter, but increased significantly for the year, reaching $95.6 million. HC2 is enhancing its capital structure through asset sales, a rights offering generating $65 million, and refinancing debt. The focus is now on key growth areas: Infrastructure, Life Sciences, and Spectrum.
HC2 Holdings (NYSE: HCHC) has announced its financial results for the fourth quarter and full year 2020 will be released on March 10, 2021, post market close. Following this, an earnings conference call will be held at 5:00 p.m. ET to discuss these results, operations, and strategies.
Dial-in information for the live call includes: Domestic Dial-In: 1-877-705-6003, International Dial-In: 1-201-493-6725. A replay will be available after the call until March 24, 2021.
HC2 Holdings announced today that R2 Technologies secured $10 million from Huadong Medicine to launch the Glacial Rx and Glacial Spa aesthetic skin treatments. The funding is part of a larger $30 million investment plan, giving Huadong exclusive distribution rights in China and select Asia-Pacific regions. Glacial Rx is the first FDA-cleared CryoAesthetic treatment for age spots, while Glacial Spa focuses on skin toning. R2 is already taking orders for Glacial Rx in the U.S., positioning HC2 and its subsidiaries for growth in the aesthetic market.
HC2 Holdings (NYSE: HCHC) announced the pricing of its offering of 8.500% senior secured notes due 2026, increasing the offering from $300 million to $330 million. The offering is expected to close on February 1, 2021. Proceeds will be utilized to redeem existing 11.500% senior secured notes, repay revolving credit, and cover related expenses. The offering is only available to qualified institutional buyers and non-U.S. persons under specific regulations. HC2 maintains a diverse asset portfolio across various sectors including Infrastructure and Life Sciences.
HC2 Holdings announced plans to offer $300 million of senior secured notes due 2026, aiming to refinance existing debt. These notes, guaranteed by domestic subsidiaries, will be sold privately under exemption regulations. Concurrently, the company is exchanging approximately $37 million of its 7.5% convertible senior notes for new convertible notes maturing in August 2026. Proceeds will also facilitate the redemption of 11.5% senior secured notes and repay credit agreements. HC2 operates in diverse sectors including Infrastructure and Life Sciences.
