By Karen Roman
Abacus Global Management, Inc. (Nasdaq: ABL) said second quarter total sales increased 93% to $56.2 million compared to $29.1 million the prior year, thanks to higher revenues from Life Solutions and asset-management fees from previous acquisitions.
Adjusted net income rose 87% to $21.9 million compared to $11.7 million the year prior, while adjusted diluted earnings per share was $0.22 compared to $0.17, it said.
Adjusted EBITDA increased 89% to $31.5 million compared to $16.7 million, with an adjusted EBITDA margin of 56.1% compared to 57.5%, the company stated.
Abacus raised its full year outlook and now expects adjusted net income between $74 million and $80 million compared to its prior goal of $70 million to $78 million, it said.
“Our strong performance was driven by robust demand for policyholder liquidity, as well as increased inflows for our new asset management offerings,” said Jay Jackson, Abacus CEO. “Our differentiated origination-focused business model, serving both liquidity-seeking consumers and yield-seeking investors, enables us to capture true market value in any macro environment.”
READ MORE
Potbelly Q2 Revenue & EPS Growth Pushes Stock Up 3%
Never Miss our Weekly Highlights HERE
