Amerigon (THRM) has reported 8.37 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $26.04 million, or $0.71 a share in the quarter, compared with $28.41 million, or $0.78 a share for the same period last year. Revenue during the quarter grew 11.43 percent to $236.54 million from $212.28 million in the previous year period. Gross margin for the quarter expanded 64 basis points over the previous year period to 33.23 percent. Total expenses were 88.81 percent of quarterly revenues, up from 85.81 percent for the same period last year. That has resulted in a contraction of 300 basis points in operating margin to 11.19 percent.
Operating income for the quarter was $26.47 million, compared with $30.12 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $37.08 million compared with $36.32 million in the prior year period. At the same time, adjusted EBITDA margin contracted 144 basis points in the quarter to 15.67 percent from 17.11 percent in the last year period.
“Overall, Gentherm performed well during the quarter as we saw continued revenue growth of 11% and substantial cash flow generation. Of particular note is the performance and continued progress of our investments in our existing core markets and new growth areas,” said President and Chief executive officer Daniel R. Coker.
Amerigon forecasts revenue to grow in the range of 5 percent to 10 percent for the fiscal year 2017.
Operating cash flow improves marginally
Amerigon has generated cash of $108.40 million from operating activities during the year, up 3.52 percent or $3.69 million, when compared with the last year. The company has spent $144.34 million cash to meet investing activities during the year as against cash outgo of $62.73 million in the last year. It has incurred net capital expenditure of $66.26 million on net basis during the year, up 19.94 percent or $11.02 million from year ago.
Cash flow from financing activities was $79.86 million for the year, up 226.94 percent or $55.43 million, when compared with the last year.
Cash and cash equivalents stood at $177.19 million as on Dec. 31, 2016, up 22.64 percent or $32.71 million from $144.48 million on Dec. 31, 2015.
Working capital increases
Amerigon has recorded an increase in the working capital over the last year. It stood at $295.13 million as at Dec. 31, 2016, up 6.61 percent or $18.30 million from $276.83 million on Dec. 31, 2015. Current ratio was at 2.52 as on Dec. 31, 2016, down from 2.93 on Dec. 31, 2015.
Cash conversion cycle (CCC) has increased to 39 days for the quarter from 34 days for the last year period. Days sales outstanding went up to 33 days for the quarter compared with 31 days for the same period last year.
Days inventory outstanding has increased to 31 days for the quarter compared with 27 days for the previous year period. At the same time, days payable outstanding was almost stable at 25 days for the quarter, when compared with the previous year period.
Debt increases substantially
Amerigon has witnessed an increase in total debt over the last one year. It stood at $171.52 million as on Dec. 31, 2016, up 75.49 percent or $73.78 million from $97.74 million on Dec. 31, 2015. Total debt was 20.35 percent of total assets as on Dec. 31, 2016, compared with 15.11 percent on Dec. 31, 2015. Debt to equity ratio was at 0.37 as on Dec. 31, 2016, up from 0.25 as on Dec. 31, 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
