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Heritage Global Inc. Anticipates Significant Net Operating Growth in Second Quarter 2022
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Heritage Global Inc. (NASDAQ: HGBL) announced significant growth in net operating income (NOI) for Q2 2022, with expectations ranging from $3.0 million to $4.0 million. This rise is attributed to strong performance in its industrial and financial sectors and the conclusion of the Huntsville real estate project. CEO Ross Dove highlighted that their real estate transactions have proven to be high-margin revenue generators, indicating potential for continuous growth. Full financial results are set to be reported the week of August 8, 2022.
Positive
Growth in net operating income expected between $3.0 million and $4.0 million for Q2 2022.
Strong performance in both industrial and financial divisions.
Successful conclusion of Huntsville real estate transactions, enhancing revenue.
Negative
None.
SAN DIEGO--(BUSINESS WIRE)--
Heritage Global Inc. (NASDAQ: HGBL) (“Heritage Global,” “HGI” or “the Company”), an asset services company specializing in financial and industrial asset transactions, today announced that it expects to report significant growth in net operating income for the second quarter of 2022, related to strong performance in both of the Company’s operating divisions as well as the final disposition of the Huntsville real estate assets associated with its joint venture partnership and the conclusion of that project. Based on its preliminary review of second quarter 2022 financial results, the Company anticipates that net operating income (NOI) will likely be in the range of $3.0 million to $4.0 million.
Heritage Global’s Chief Executive Officer Ross Dove commented, “We are very pleased with our strong preliminary second quarter operating results, which reflected industry tailwinds in both our industrial and our financial businesses. Our performance was also favorably impacted in the quarter by the closing of the two remaining Huntsville transactions. By nature of the day-to-day activities in our industrial business, we are uniquely positioned to identify and purse strategic real estate opportunities. To date, our real estate transactions have proven to be high margin revenue generators, and we anticipate that our real estate partnerships will continue to represent significant growth potential for the Company moving forward.”
Heritage Global intends to report second quarter and first six months 2022 results the week of August 8, 2022.
Heritage Global Inc. (NASDAQ: HGBL) is an asset services company specializing in financial and industrial asset transactions. The company provides a full suite of services including market making, acquisitions, dispositions, valuations and secured lending. We focus on identifying, valuing, acquiring and monetizing underlying tangible and intangible assets across more than twenty-five global sectors. The company acts as an adviser, as well as a principal, acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, accounts receivable portfolios, intellectual property, and entire business enterprises.
Forward-Looking Statements
This communication includes forward-looking statements based on our current expectations and projections about future events. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. While the Company believes the forward-looking statements contained in this communication are accurate, these forward-looking statements represent the Company’s beliefs only as of the date of this communication, and there are a number of factors that could cause actual events or results to differ materially from those indicated by such forward-looking statements, including variability in magnitude and timing of asset liquidation transactions, the impact of changes in the U.S. national and global economies, and interest rate and foreign exchange rate sensitivity, as well as other factors beyond the Company’s control. Unless required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see our filings with the Securities and Exchange Commission.
What is the expected net operating income for Heritage Global Inc. in Q2 2022?
Heritage Global Inc. expects its net operating income to be between $3.0 million and $4.0 million for Q2 2022.
When will Heritage Global Inc. report its Q2 financial results?
Heritage Global Inc. intends to report its Q2 financial results the week of August 8, 2022.
What factors contributed to the growth in net operating income for Heritage Global Inc.?
The growth in net operating income is attributed to strong performance in industrial and financial divisions and the finalization of Huntsville real estate transactions.
What does Heritage Global Inc. specialize in?
Heritage Global Inc. specializes in financial and industrial asset transactions, including market making, acquisitions, dispositions, valuations, and secured lending.
