Apache Corporation (APA) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $213 million, or $ 0.56 a share in the quarter, against a net loss of $372 million, or $0.98 a share in the last year period. On an adjusted basis, net profit for the quarter stood at $31 million, or $0.08 a share compared with a net loss of $314 million, or $1.83 a share in the last year period. Revenue during the quarter surged 73.41 percent to $1,878 million from $1,083 million in the previous year period. Gross margin for the quarter expanded 1878 basis points over the previous year period to 79.07 percent. Operating margin for the quarter period stood at positive 28.65 percent as compared to a negative 35.27 percent for the previous year period.
Operating income for the quarter was $538 million, compared with an operating loss of $382 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $999 million compared with $552 million in the prior year period. At the same time, adjusted EBITDA margin improved 223 basis points in the quarter to 53.19 percent from 50.97 percent in the last year period.
John J. Christmann IV, Apache’s chief executive officer and president said, “During the first quarter, we delivered strong results and made notable progress toward our 2017 strategic objectives. Earlier this year, we outlined a plan to deliver returns-focused growth by budgeting conservatively,
Operating cash flow improves significantly
Apache Corporation has generated cash of $455 million from operating activities during the quarter, up 90.38 percent or $216 million, when compared with the last year period. The company has spent $93 million cash to meet investing activities during the quarter as against cash outgo of $555 million in the last year period.
The company has spent $218 million cash to carry out financing activities during the quarter as against cash outgo of $147 million in the last year period.
Cash and cash equivalents stood at $1,521 million as on Mar. 31, 2017, up 51.49 percent or $517 million from $1,004 million on Mar. 31, 2016.
Working capital declines
Apache Corporation has witnessed a decline in the working capital over the last year. It stood at $1,528 million as at Mar. 31, 2017, down 5.91 percent or $96 million from $1,624 million on Mar. 31, 2016. Current ratio was at 1.81 as on Mar. 31, 2017, down from 2.02 on Mar. 31, 2016.
Days sales outstanding went down to 30 days for the quarter compared with 100 days for the same period last year.
Debt comes down marginally A
pache Corporation has recorded a decline in total debt over the last one year. It stood at $8,327 million as on Mar. 31, 2017, down 4.48 percent or $391 million from $8,718 million on Mar. 31, 2016. Apache Corp has recorded a decline in long-term debt over the last one year. It stood at $8,327 million as on Mar. 31, 2017, down 4.48 percent or $391 million from $8,718 million on Mar. 31, 2016. Total debt was 36.83 percent of total assets as on Mar. 31, 2017, compared with 49.31 percent on Mar. 31, 2016. Debt to equity ratio was at 1.06 as on Mar. 31, 2017, down from 2.45 as on Mar. 31, 2016.
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