Great Elm Group Q1 revenue drops on property sale timing

By Reuters News


Overview

  • US alternative asset manager's fiscal Q1 revenue fell sharply from prior year due to property sale timing

  • Fiscal Q1 net loss narrowed to $4.1 mln from $7.0 mln a year earlier

  • Company repurchased about 266,000 shares for $0.6 mln in the quarter


Outlook

  • Company did not provide specific financial guidance for the current or future periods


Result Drivers

  • REAL ESTATE TRANSACTION TIMING - Co said lower revenue was due to absence of prior-year property sale, which contributed $7.4 mln in revenue in Q1 last yr

  • INVESTMENT LOSSES - Net loss narrowed mainly due to lower net realized and unrealized losses on investments compared to prior yr

  • REAL ESTATE FEE GROWTH - Monomoy CRE investment and property management fees rose 18% from prior yr, supporting segment revenue


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q1 Revenue

$3.34 mln

Q1 Net Loss

$4.15 mln

Q1 Adjusted EBITDA

-$898,000


Analyst Coverage

  • The one available analyst rating on the shares is "hold"

  • The average consensus recommendation for the investment management & fund operators peer group is "buy."


Reuters Recommended Reads

  • Nov 2 - Great Elm Capital Q3 net investment income and NAV fall

  • Nov 2 - New Mountain Finance Q3 adjusted net investment income falls YoY

  • Nov 3 - Apollo Global misses Q3 revenue estimates, declares dividend


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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