Great Elm Group Q1 revenue drops on property sale timing

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

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

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(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.)