BRC Group Holdings' Stock Surges on Swing to 3Q Profit

Dow Jones01-15

Shares of BRC Group Holdings gained after the company reported swinging to a profit in its fiscal third quarter, helped by growth in its capital markets business.

The stock climbed 31% to $9.90 in after-hours trading on Wednesday. Through the market close shares are up 68% in the past 12 months. The stock closed at a 52-week high of $8.28 on Monday.

The holding company swung to a profit of $89.1 million, or $2.91 a share, for the three-months ended Sept. 30, compared with a loss of $286.4 million, or $9.39 a share, a year earlier.

Revenue rose to $277.9 million from $175.4 million, driven by growth in its capital markets segment.

Co-Chief Executive Bryant Riley said the company had a strong quarter across investment banking, advisory, and research and trading.

With the quarterly filing, BRC met the Nasdaq's quarterly report filing deadlines for continued listing, the company said.

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