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25 March, 2017 09:34 IST
General Finance Corporation second-quarter earnings plunge by 72.23 percent on a YOY basis
Source: IRIS | 20 Mar, 2017, 08.04PM

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General Finance Corporation (GFNCZ) has reported 72.23 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $0.28 million in the quarter, compared with $1.02 million for the same period last year.    

Revenue during the quarter dropped 13.14 percent to $72.33 million from $83.27 million in the previous year period. Gross margin for the quarter expanded 525 basis points over the previous year period to 46.20 percent. Total expenses were 90.19 percent of quarterly revenues, up from 89.57 percent for the same period last year. That has resulted in a contraction of 62 basis points in operating margin to 9.81 percent.

Operating income for the quarter was $7.10 million, compared with $8.69 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $17.78 million compared with $18.85 million in the prior year period. At the same time, adjusted EBITDA margin improved 194 basis points in the quarter to 24.58 percent from 22.64 percent in the last year period.  

"We are encouraged with the sequential growth of our second quarter of fiscal year 2017, as we delivered better than expected results in both of our geographic venues, giving us increasing confidence into calendar year 2017," said Ronald Valenta, chairman and chief executive officer. "In North America, we are seeing signs of increased production activity in the oil and gas sector in Texas, and in the Asia-Pacific region we are benefitting from higher leasing revenues and a strengthening Australian dollar relative to the U.S. dollar. At the same time, our geographic expansion continued with the opening of six greenfield locations within our existing geographic footprint fiscal year-to-date, along with the completion of two acquisitions in North America, which added two new locations, and one in the Asia-Pacific."

For fiscal year 2017, General Finance Corporation forecasts revenue to be $135.10 million.  It projects net loss to be $2.80 million, the company projects diluted loss per share to be $0.11 on adjusted basis.

Debt remains almost stableGeneral Finance Corporation has witnessed an increase in total debt over the last one year. It stood at $361.35 million as on Dec. 31, 2016, up 0.85 percent or $3.06 million from $358.29 million on Dec. 31, 2015. Total debt was 53.69 percent of total assets as on Dec. 31, 2016, compared with 52.11 percent on Dec. 31, 2015. Debt to equity ratio was at 1.65 as on Dec. 31, 2016, up from 1.57 as on Dec. 31, 2015. Interest coverage ratio deteriorated to 1.41 for the quarter from 1.75 for the same period last year.   Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net



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