Accuride Corporation (ACW) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $28.61 million, or $ 0.59 a share in the quarter, against a net profit of $1.82 million, or $0.04 a share in the last year period. Revenue during the quarter dropped 14.04 percent to $125.20 million from $145.66 million in the previous year period. Gross margin for the quarter contracted 531 basis points over the previous year period to 9.54 percent. Total expenses were 98.82 percent of quarterly revenues, up from 92.37 percent for the same period last year. That has resulted in a contraction of 645 basis points in operating margin to 1.18 percent.
Operating income for the quarter was $1.48 million, compared with $11.12 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $11.73 million compared with $19.15 million in the prior year period. At the same time, adjusted EBITDA margin contracted 378 basis points in the quarter to 9.37 percent from 13.15 percent in the last year period.
Working capital drops significantly
Accuride Corporation has witnessed a decline in the working capital over the last year. It stood at $38.83 million as at Sep. 30, 2016, down 34.34 percent or $20.31 million from $59.14 million on Sep. 30, 2015. Current ratio was at 1.44 as on Sep. 30, 2016, down from 1.65 on Sep. 30, 2015. Cash conversion cycle (CCC) has decreased to 16 days for the quarter from 27 days for the last year period. Days sales outstanding went up to 49 days for the quarter compared with 45 days for the same period last year.
Days inventory outstanding has decreased to 14 days for the quarter compared with 29 days for the previous year period. At the same time, days payable outstanding was almost stable at 47 days for the quarter, when compared with the previous year period.
Debt comes down marginally
Accuride Corporation has recorded a decline in total debt over the last one year. It stood at $318.07 million as on Sep. 30, 2016, down 1.23 percent or $3.95 million from $322.02 million on Sep. 30, 2015. Short-term debt stood at $10.64 million as on Sep. 30, 2016. Total debt was 59.65 percent of total assets as on Sep. 30, 2016, compared with 54.37 percent on Sep. 30, 2015. Debt to equity ratio was at 8.62 as on Sep. 30, 2016, up from 5.78 as on Sep. 30, 2015. 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
