B. Riley Financial on Tuesday reported fourth quarter earnings lower than the previous year on account of the stock market's wild ride near the end of 2018.
The Woodland Hills financial services company reported fourth quarter adjusted net income of $700,000, or 3 cents per share. This compares to $11.6 million (44 cents) for the fourth quarter of 2017.
Fourth quarter revenue for the firm totaled $102 million compared to $110 million for the same period last year. B. Riley’s financial report attributes these results to declines in the company’s proprietary investment account, which were in line with declines in the broader equity markets during the quarter.
“While the volatility in financial markets dampened our fourth quarter results, we have seen a rebound in the first quarter of 2019,” Bryant Riley, co-chief executive, said in a statement.
For the full year, the company reported net income of $15.5 million (58 cents a share) on revenue of $423 million.
The company reported results on Tuesday. Shares of B. Riley (RILY) closed Thursday up 8 cents, or a fraction of a percent, to $17 on the Nasdaq.