Stock Alert: Sequential Brands Group Adds 30% After Reporting Profit

(RTTNews) - Shares of Sequential Brands Group, Inc. (SQBG) are rising more than 30% Tuesday morning after the company recorded profit in the third quarter compared to a loss in the year-ago quarter.

The company reported net income of $4.44 million or $2.69 per share in the third quarter compared with net loss of $18.68 million or $11.50 per share in the corresponding quarter last year.

Third-quarter adjusted income from continuing operations was $2.1 million, or $1.30 per share, compared to adjusted loss of $0.9 million, or $0.53 per share, in the prior year quarter.

Total revenue from continuing operations for the third quarter ended September 30, 2020 was $24.0 million, compared to $25.4 million in the prior year quarter.

SQBG is currently at $9.32, and has been trading in the range of $4.11- $24.80 in the last one year.