Brooks Automation, Inc. (BRKS) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $13.87 million, or $ 0.20 a share in the quarter, against a net loss of $4.65 million, or $0.07 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $17.30 million, or $0.25 a share compared with $1.25 million or $0.02 a share, a year ago. Revenue during the quarter surged 33.35 percent to $159.96 million from $119.96 million in the previous year period. Gross margin for the quarter expanded 179 basis points over the previous year period to 35.60 percent. Operating margin for the quarter period stood at positive 8.23 percent as compared to a negative 6.94 percent for the previous year period.
Operating income for the quarter was $13.16 million, compared with an operating loss of $8.32 million in the previous year period.
"This quarter we grew our top line with contributions from both segments," commented Steve Schwartz, chief executive officer of Brooks Automation. "We delivered a sixth consecutive quarter of sequential growth in Life Sciences and set a record for new contract value booked, at nearly two times revenue. We also expanded our capabilities with the acquisition of Cool Lab, LLC, further enhancing our market-leading lineup of comprehensive sample management solutions. The Semiconductor segment also expanded, led by a new record this quarter in sales of Contamination Control Solutions. Our portfolio is positioned for continued profitable growth."
For the second-quarter, Brooks Automation projects revenue to be in the range of $165 million to $170 million. The company forecasts diluted earnings per share to be in the range of $0.18 to $0.21 for the second-quarter. On an adjusted basis, the company forecasts diluted earnings per share to be in the range of $0.24 to $0.27 for the second-quarter.
Operating cash flow turns positive
Brooks Automation, Inc. has generated cash of $18.71 million from operating activities during the quarter as against cash outgo of $12.38 million in the last year period. The company has spent $9.28 million cash to meet investing activities during the quarter as against cash outgo of $5.31 million in the last year period.
The company has spent $6.99 million cash to carry out financing activities during the quarter as against cash outgo of $6.84 million in the last year period.
Cash and cash equivalents stood at $82.94 million as on Dec. 31, 2016, up 49.26 percent or $27.37 million from $55.57 million on Dec. 31, 2015.
Working capital decreases marginally
Brooks Automation, Inc. has witnessed a decline in the working capital over the last year. It stood at $177.93 million as at Dec. 31, 2016, down 1.63 percent or $2.96 million from $180.88 million on Dec. 31, 2015. Current ratio was at 2.39 as on Dec. 31, 2016, down from 2.56 on Dec. 31, 2015.
Cash conversion cycle (CCC) has decreased to 56 days for the quarter from 140 days for the last year period. Days sales outstanding went down to 58 days for the quarter compared with 73 days for the same period last year.
Days inventory outstanding has decreased to 41 days for the quarter compared with 116 days for the previous year period. At the same time, days payable outstanding went down to 43 days for the quarter from 48 for the same period last year.
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